The corporate regulator has cancelled the Australian credit licence of Easy Plan Financial Services Pty Ltd after the Compensation Scheme of Last Resort paid $84,600 to a consumer for an unpaid determination made by the Australian Financial Complaints Authority.
AFCA issued its determination against Easy Plan on 18 March 2022. After Easy Plan failed to pay, the CSLR made the compensation payment on 14 August 2025 and notified ASIC. The regulator cancelled Easy Plan’s licence on 20 August 2025.
Under the CSLR regime, when the scheme pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the firm that failed to pay, the regulator must cancel that firm’s Australian financial services or Australian credit licence. The cancellation is not subject to discretion or merits review.
Established in June 2023 and operational since April 2024, the CSLR can pay up to $150,000 to consumers with unpaid AFCA determinations relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, subject to eligibility. An AFCA complaint must be completed first, and all reasonable steps to obtain compensation from the financial firm must be taken before the CSLR pays a claim.
ASIC said the move follows earlier actions under the scheme. Since the CSLR commenced, the regulator has cancelled seven Australian financial services licences and five credit licences, including actions involving Brite Advisors Pty Ltd, Viridian Equity Group Pty Ltd, RPD Group Advice Pty Ltd, DOD Bookkeeping Pty Ltd, Ultiqa Lifestyle Promotions Limited, Libertas Financial Planning, Ultimate Credit Management Pty Ltd, Worry Free Finance Pty Ltd, Ferratum Australia Pty Ltd and Calaite Capital Partners Pty Ltd.
