ASIC cancels credit licences of Emparo Enterprises and Quick Cash Advance 

ASIC_regulator

ASIC has cancelled the Australian credit licences held by Emparo Enterprises Pty Ltd (Emparo Enterprises) and Quick Cash Advance Pty Ltd (Quick Cash Advance) after it was found they failed to hold membership of an approved external dispute resolution (EDR) scheme.

On 1 June 2016, the Credit and Investments Ombudsman (CIO) cancelled Emparo Enterprises’ EDR membership due to concerns around serious misconduct in relation to the credit activities it engaged in.

On 8 August 2016, CIO also cancelled Quick Cash Advance’s EDR membership due to similar concerns.

Under the National Credit Act, credit licensees are required to be a member of an ASIC-approved EDR scheme.

ASIC Commissioner Peter Kell said, ‘Licensees need to cooperate with EDR schemes. EDR schemes provide consumers with a free and simple alternative to resolving complaints rather than having to go through the court system, and are a key element of the credit regime’.

Emparo Enterprises and Quick Cash Advance have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.

Background

On 22 February 2011, Emparo Enterprises was granted an Australian credit licence to provide credit assistance in relation to credit contracts and consumer leases.

On 21 October 2011, Quick Cash Advance was granted a credit licence to provide credit under credit contracts.

Mr Jarrod Tuendemann is the sole director of both Emparo Enterprises and Quick Cash Advance.

Both credit licences were cancelled with an effective date of 22 March 2017.

Source: ASIC

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