Viridian Equity Group Licence Cancelled Following Compensation Payments

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Viridian Equity Group Pty Ltd. This action follows compensation payments made by the Compensation Scheme of Last Resort (CSLR) totalling $450,000, after Viridian failed to meet obligations under three Australian Financial Complaints Authority (AFCA) determinations issued on 31 October 2024.

By law, when the CSLR pays compensation due to a firm’s failure to meet an AFCA determination and notifies ASIC, the firm’s licence must be cancelled. The cancellation is mandatory and not subject to appeal.

The CSLR was established in June 2023 and began operations in April 2024 to help consumers recover compensation in cases of unpaid AFCA decisions related to personal financial advice, credit services, or securities dealing.