Regulatory Alerts2025-10-31
ASIC cancels Australian credit licence of GS-APAC Pty Ltd
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian credit licence of GS-APAC Pty Ltd after the Compensation Scheme of Last Resort paid $51,998.15 to satisfy an unpaid AFCA determination. This mandatory cancellation was triggered because GS-APAC failed to pay the determination, requiring ASIC to revoke the licence without discretion or merits review. The regulator has ordered the company to maintain its AFCA membership for a further 12 months, allowing complaints to be lodged until 23 October 2026.
ASIC has cancelled the Australian credit licence (credit licence) of GS-APAC Pty Ltd following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).
On 28 November 2024, the Australian Financial Complaints Authority (AFCA) made a determination against GS-APAC, which GS-APAC failed to pay. Subsequently, on 9 October 2025, the CSLR made a payment of $51,998.15 for the AFCA determination and notified ASIC. As a result, on 27 October 2025, ASIC cancelled GS-APAC’s credit licence.
ASIC must cancel the credit licence of a licensee where that licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation.
The cancellation is not subject to discretion or merits review. In making the cancellation order, ASIC has specified that GS-APAC is to maintain its membership with AFCA for a further 12 months, to 23 October 2026. This means that complaints about GS-APAC can be lodged with AFCA until 23 October 2026.
Background
The CSLR was established in June 2023, commencing operations in April 2024. It can pay up to $150,000 in compensation to consumers who have an unpaid determination from AFCA relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, and where other eligibility criteria are met.
The AFCA complaint process must first be completed before a claim can be lodged with the CSLR. All reasonable steps to obtain compensation from the credit and or financial firm must be taken before a CSLR payment can be made.
ASIC’s decision to cancel the credit licence of GS-APAC follows previous ASIC decisions. ASIC has cancelled eleven AFS licences and four credit licences since the commencement of the CSLR.
See:
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