The Australian Securities and Investments Commission (ASIC) has cancelled the credit licence of Vontelle, an Adelaide-based mortgage brokering company.
The regulator found that from around September 2016, the firm had failed to comply with obligations required to maintain competence to engage in credit activities.
Of primary concern was the fact that although former director James David Gibbs had been listed as the key person for the credit licence since April 2014, he had since ceased to be an officer for the firm or perform duties for the licensee.
Vontelle had failed to notify ASIC that Gibbs had stepped down as a key person. The firm had also failed to make an application to vary this condition on its licence.
The brokerage had been a licence holder since February 2011. Gibbs was the sole director from November 2011 until September 2016 from which time Helena Anna Gibbs took over as sole director.
Investigations into Mr Gibbs are continuing, said ASIC.
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