ASIC has cancelled the Australian financial services licence (AFS licence) of DOD Bookkeeping Pty Ltd (in liquidation) (DOD) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).
On 29 March 2024, the Australian Financial Complaints Authority (AFCA) made a determination against DOD, which DOD failed to pay. Subsequently, on 23 October 2024, the CSLR paid $64,860.05 to a person for the AFCA determination and notified ASIC. As a result, on 7 November 2024, ASIC cancelled DOD’s AFS licence.
Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the details of the firm that failed to pay the compensation, ASIC must cancel the AFS licence or credit licence of the firm.
The cancellation is not subject to discretion or merits review.