Expulsion for licensee over AFCA fee failure

A credit licensee who failed to pay his fees to the Australian Financial Complaints Authority (AFCA) has been expelled by the external disputes resolution (EDR) body.

The Australian Securities and Investments Commission (ASIC) confirmed the expulsion while announcing that it had suspended two credit licensees.

It said it had suspended the credit license of Melbourne-based licensee, Peter Wormington for four months and cancelled the Australian credit license of Emmanuel Katsoulis.

It said that Wormington had also been expelled from AFCA “due to non-payment of fees” and also failing to pay industry funding levies owed to ASIC.

Katsoulis had failed to lodge various annual compliance certificates and failed to pay industry funding levies owed to ASIC.

Both men can apply to the Administrative Review Tribunal for a review of the ASIC decision,