ASIC has cancelled the Australian financial services (AFS) licence and Australian credit licence (credit licence) of Ultiqa Lifestyle Promotions Limited (in liquidation) (Ultiqa) following payment of compensation by the Compensation Scheme of Last Resort (CSLR).
On 28 June 2024, the Australian Financial Complaints Authority (AFCA) made a determination against Ultiqa, which Ultiqa failed to pay. Subsequently, on 2 October 2024, the CSLR paid $19,429.60 to a person for AFCA’s determination and notified ASIC. As a result, ASIC cancelled Ultiqa’s AFS and credit licences on 16 October 2024.
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 Australian financial services licence and credit licence of the firm.
The cancellation is not subject to discretion or merits review.
