ASIC has cancelled the Australian credit licence held by Vontelle Pty Ltd because it failed to keep its personnel records up-to-date.

In particular, ASIC was concerned that although James Gibbs was listed as the key person for the credit licence, he had ceased to be an officer of Vontelle or to perform duties for the licensee.

Vontelle, a mortgage broking company in Adelaide that primarily helps clients to secure finance for purchasing properties or refinancing loans, had not notified ASIC of Gibbs' departure, nor had it applied to vary this condition of its licence. It has held an Australian credit licence since February 2011. Gibbs was its sole director between then and last September, when a Mrs Helena Gibbs took over.