ASIC cancels credit licence of Easy Plan Financial Services

The CSLR had to pay $84,600 on behalf of Easy Plan.

The Australian Securities and Investment Commission (ASIC) has cancelled the Australian credit licence of Easy Plan Financial Services Pty Ltd on 20 August 2025.

This follows after the Compensation Scheme of Last Resort (CSLR) paid $84,600 to a person for the Australian Financial Complaints Authority (AFCA) determination and notified ASIC.

The CSLR is a government initiative that provides compensation to victims of financial misconduct, when the responsible firm is unable to pay an AFCA determination. It covers unpaid AFCA determinations related to personal financial advice, credit provision, credit intermediation, or securities dealing, with a maximum compensation of $150,000.

When the CSLR pays compensation related to an AFCA determination, and ASIC is notified of the firm’s failure to pay, ASIC must cancel the licence of the firm.

On 18 March 2022, AFCA made a determination against Easy Plan, which Easy Plan failed to pay.