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The Australian Securities and Investments Commission (ASIC) has taken regulatory action against two Melbourne-based credit licensees for failing to meet key compliance requirements.
Emmanuel Katsoulis has had his credit license cancelled, while Peter Wormington’s license has been suspended for four months—both due to breaches involving unpaid fees and failure to lodge mandatory documents.
Wormington, whose license suspension took effect on Oct. 11, was expelled from the Australian Financial Complaints Authority (AFCA) after failing to pay fees and industry funding levies. Katsoulis, whose license was cancelled on Oct. 4, failed to lodge annual compliance certificates (ACCs) and neglected to pay industry funding levies as well.
Both individuals retain the right to appeal ASIC's decisions through the Administrative Review Tribunal.
These enforcement measures are part of ASIC’s ongoing efforts to ensure credit license holders adhere to compliance obligations and maintain consumer confidence in the credit industry. Under the National Consumer Credit Protection Act 2009 (Credit Act), ASIC has the authority to suspend or cancel a credit license if a licensee breaches general conduct obligations, such as maintaining AFCA membership or adhering to credit legislation.
Wormington has held Australian credit license no. 404282 since May 2011, while Katsoulis has held Australian credit license no. 502218 since February 2018.
ASIC also has the power to take action under section 54 of the Credit Act if a licensee fails to pay the industry levy and any related penalties for over 12 months.
