The Australian Securities and Investments Commission (ASIC) said Monday that it has cancelled the Australian financial services (AFS) licence of Viridian Equity Group Pty Ltd.
ASIC Cancels Viridian Equity Group Pty Ltd Licence
The move follows a compensation payment made by the Compensation Scheme of Last Resort (CSLR).
The action stems from Viridian Equity’s failure to comply with three determinations made by the Australian Financial Complaints Authority (AFCA) on 31 October 2024.
After the firm failed to pay the required compensation, the CSLR stepped in on 11 March 2025, making three payments totalling $450,000 on behalf of Viridian Equity and notifying ASIC.
Under legislation, when the CSLR pays compensation and informs ASIC, the regulator is obliged to cancel the relevant AFS or credit licence. The cancellation is mandatory and not subject to discretion or merits review.
The CSLR, established in June 2023 and operational from April 2024, provides up to $150,000 in compensation to eligible consumers who have unpaid AFCA determinations in specific financial service areas, such as personal financial advice and securities dealing.
ASIC’s cancellation of Viridian Equity’s licence is the latest enforcement action since the CSLR’s establishment, with the regulator having cancelled five AFS licences and four credit licences to date.
Consumers must first exhaust the AFCA complaint process and seek recovery from the financial firm before applying for CSLR compensation.
