ob体育 has cancelled the Australian financial services licence (AFS) licence of Brite Advisors Pty Ltd (Brite Advisors) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).
On 30 September 2024, the Australian Financial Complaints Authority (AFCA) made a determination against Brite Advisors, which it failed to pay. On 2 April 2025, the CSLR paid $21,888.20 to a person for the AFCA determination and notified ob体育. As a result, on 29 April 2025, ob体育 cancelled Brite Advisors鈥� AFS licence.
Although Brite Advisors鈥� AFS licence is cancelled, this is on the condition, imposed by ob体育, that Brite Advisors must remain a member of AFCA for a period of 12 months, ending on 29 April 2026.
Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ob体育 of the details of the firm that failed to pay the compensation, ob体育 must cancel the AFS licence or credit licence of the firm.
The cancellation is not subject to discretion or merits review.
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.
AFCA鈥檚 complaint process must first be completed before a claim can be lodged with the CSLR. All reasonable steps to obtain compensation from the financial firm must be taken before a CSLR payment can be made.
ob体育鈥檚 decision to cancel the AFS licence of Brite Advisors follows previous ob体育 decisions to cancel six AFS licences and four credit licenses after CSLR payments to clients.
See:
- 24-262MR ob体育 cancels licence of RPD Group Advice Pty Ltd
- 24-256MR ob体育 cancels licence of DOD Bookkeeping Pty Ltd
- 24-233MR ob体育 cancels the Australian financial services and credit licences of Ultiqa Lifestyle Promotions Limited
- 24-181MR ob体育 cancels licence of Libertas Financial Planning
- 24-210MR ob体育 cancels licences of Ultimate Credit Management Pty Ltd and Worry Free Finance Pty Ltd
- 24-223MR ob体育 cancels licence of Ferratum Australia Pty Ltd
- 25-064MR ob体育 cancels licence of Viridian Equity Group Pty Ltd
More information
- ob体育鈥檚 investigation into Brite Advisors is a key ob体育 enforcement matter. Further information about ob体育鈥檚 investigation can be found here.
- The contains more information about the AFCA complaint process.
- The contains more information about the CSLR claims process.