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ASIC cancels MWL Financial Services credit licence after CSLR compensation payment

ASIC cancels MWL Financial Services credit licence after CSLR compensation payment
ASIC cancels MWL licence

Australia's corporate regulator has revoked the credit licence of MWL Financial Services Pty Ltd after the Compensation Scheme of Last Resort paid compensation tied to an unpaid complaints ruling. The move keeps the failed lender within the complaints system for another 12 months and comes as ASIC continues investigating MWL and numerous related entities.

Highlights

  • ASIC cancelled MWL Financial Services' credit licence after the CSLR paid $90,031.34 on 16 September 2026 for an unpaid AFCA determination.
  • ASIC's 12 October 2026 order requires MWL to keep AFCA membership until 12 October 2027, allowing ongoing complaints despite licence cancellation and liquidation.
  • MWL entered liquidation on 21 November 2025 with Cor Cordis appointed as liquidators, and ASIC is investigating MWL and related entities amid broader CSLR enforcement actions.

Licence cancellation follows unpaid AFCA determination

As reported by ASIC, the licence cancellation follows an Australian Financial Complaints Authority determination made against MWL on 28 November 2025 that the company did not pay. The Compensation Scheme of Last Resort then paid $90,031.34 on 16 September 2026, including interest, and notified the regulator.

ASIC says it is required to cancel a credit licence when a licensee fails to pay an AFCA determination and the CSLR subsequently provides compensation. The regulator says that cancellation is not discretionary and is not subject to merits review.

In its order dated 12 October 2026, ASIC also requires MWL to maintain its membership with AFCA until 12 October 2027. That allows complaints about MWL to continue to be lodged with the external dispute resolution body despite the cancellation and the company's liquidation.

Regulatory fallout extends beyond the licence loss

MWL entered liquidation before the cancellation took effect, with Daniel Juratowitch and Rachel Burdett of Cor Cordis appointed as liquidators on 21 November 2025. ASIC says it has an ongoing investigation into MWL and numerous related entities.

The action adds to a broader enforcement record tied to the CSLR framework. ASIC says it has cancelled 10 Australian financial services licences and seven credit licences since the compensation scheme began operating.

Our earlier article on Chariot Claims’ $10 million Series A covered how the legal-tech startup is scaling AI-assisted intake and review for high-volume consumer disputes, including privacy and hidden-fee claims, in partnership with law firms. We also noted that sustained investment in legal tech is supporting automation that can expand claim-processing capacity dramatically as dispute volumes rise.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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