ASIC has cancelled the Australian financial services and credit licences of Victorian-based Direct My Wealth after it failed to lodge its 2020 audited financial accounts and its annual compliance certificate as required.

Direct My Wealth, which had held the licences since January 2016, also failed to maintain membership of the Australian Financial Complaints Authority (AFCA), and is no longer conducting financial services business.

ASIC may suspend or cancel the licences if the licensee is no longer providing financial services, ceases to engage in credit activities or fails to meet its legal obligations.

Direct My Wealth’s LinkedIn page says it was established in 2015 and offered insurance, accounting, and mortgage broking services, based in Port Melbourne. It lists specialities as financial and retirement advice and insurance and wealth protection

“Our team of professionals deliver a personalised approach to helping you strategise and manage your finances,” it says.

The business may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.