ASIC announced on October 19 that it had cancelled MWL Financial Services’ Australian credit licence after the compensation scheme of last resort paid an unpaid financial-complaints award.
The cancellation took effect on October 12, rather than on the announcement date. MWL is in liquidation.
According to ASIC, the Australian Financial Complaints Authority made its determination on November 28, 2025. MWL did not pay it. The compensation scheme subsequently paid A$90,031.34, including interest, on September 16.
ASIC says cancellation is mandatory when a licensee fails to pay an AFCA determination and the scheme pays compensation. The regulator describes the cancellation as not discretionary or subject to merits review.
MWL must nevertheless keep its AFCA membership until October 12, 2027, allowing complaints about the firm to continue to be lodged during that period.
The credit-licence action is separate from cancellation of MWL’s Australian financial services licence in August 2025. ASIC says its investigation of MWL and related entities continues; that ongoing work is not a new finding of liability.
