'Debt Genie' bottled-up by ASIC

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ASIC has banned debt consolidation company Debt Genie for three years after it failed to obtain a licence.

Despite it dealing with debt, ASIC claimed it fell within the "definition of credit", therefore a credit licence was required. Neither the company nor its owner, Peter John Doherty, has ever held a licence.

ASIC showed increasing frustration at companies failing to comply with its rules.

"The credit industry has had over two years to understand the requirements under the new legislation so we are not hesitating to take action against those that fail to comply," said commissioner Peter Kell.

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