ASIC cancelled or suspended the Australian credit licences of eight businesses over the six months to December after the licensees failed to be members of the Australian Financial Complaints Authority.

Membership of the financial ombudsman service is a requirement for credit licence holders. None of the eight companies and individuals were well known.

ASIC said it would continue to work with AFCA to identify financial services licensees and credit licensees that are not complying with their obligations.

If ASIC is keen on policing AFCA membership, it doesn’t have far to look for more offenders. Last month, AFCA published a list of 34 businesses that failed to pay their membership levies and have been expelled as a result.