ASIC has suspended Melbourne-based credit licensee John Adicho from engaging in credit assistance activities for a period of six months until 18 December 2024.
Mr Adicho had been expelled from the Australian Financial Complaints Authority due to non-payment of fees, had failed to lodge six annual compliance certificates, and had failed to pay industry funding levies owed to ASIC.
ASIC found Mr Adicho:
failed to discharge the duties and obligations imposed by the credit legislation on a person who engages in credit activities
cannot be relied upon to discharge the duties and obligations imposed by the credit legislation on a person who engages in credit activities, and
is likely to contravene credit legislation.
Mr Adicho’s licence suspension took effect on 18 July 2024.
Mr Adicho has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
