ASIC has cancelled the Australian credit licence (ACL) of Same Day Money Pty Ltd (Same Day Money), a Cairns-based business, and banned its director, Lawrence James Sullivan from engaging in credit activities for four years.
Same Day Money provided mostly short term credit to consumers Australia wide, but operated principally in North Queensland.
ASIC deemed Mr Sullivan and Same Day Money not fit and proper to engage in credit activities for the following reasons:
- Mr Sullivan’s criminal conviction on 28 June 2012 for offences of obstructing a Queensland Office of Fair Trading inspector and making a statement knowing it to be false or misleading pursuant to Consumer Credit (Queensland) Act. The Queensland Office of Fair Trading advised the outcome of that matter by media statement on 29 June 2012.
- Same Day Money was convicted on 28 June 2012 of the same offences.
- Mr Sullivan made false statements to ASIC in relation to Same Day Money’s ACL Annual Compliance Certificate and other forms lodged with ASIC.
- Generally, Mr Sullivan lacks the knowledge, diligence, honesty, integrity and judgement to operate a credit business.
Same Day Money has permission to undertake certain credit activities until 20 March 2013, after which it must cease its credit business.
ASIC Commissioner Peter Kell said that the decision to cancel Same Day Money’s ACL and ban its director are part of ASIC’s continued focus on improving the standards of licensees.
‘ASIC is committed to identifying instances of poor practice by those in the credit industry. This action shows that when the required performance and compliance standards are not being met, we will not hesitate to remove individuals and entities from the industry,’ Mr Kell said.
Same Day Money and Mr Sullivan have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.