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.
Background
Mr Adicho has held Australian credit licence no. 406505 since 5 October 2011.
Mr Adicho’s suspension of his credit licence is part of ASIC’s ongoing efforts to improve compliance across the credit industry.
A suspension will allow the compliance failures to be remedied and assist in improving the performance of the financial system by ensuring that consumers can feel confident when dealing with persons licensed to engage in credit activities.
Section 55 of the National Consumer Credit Protection Act allows ASIC to suspend or cancel a credit licence if, among other things, ASIC believes that the licensee is likely to contravene its general conduct obligations, the fit and proper person requirement is not satisfied, or the application for the credit licence was materially false or misleading.
