ASIC has cancelled the Australian credit licence of Walker Stores Pty Ltd (in Liquidation) (Walker Stores) following two payments of compensation by the Compensation Scheme of Last Resort (CSLR).

On 30 June 2026, the Australian Financial Complaints Authority (AFCA) made two determinations against Walker Stores which it failed to pay. On 23 September 2026, the CSLR made payments of $4,106 and $18,310 to the respective complainants under the AFCA determinations and notified ASIC. As a result, on 12 October 2026, ASIC cancelled the credit licence of Walker Stores.

ASIC is required to cancel the credit licence of a licensee where that licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation.

The cancellation is not subject to discretion or merits review.

In making the cancellation order, ASIC has specified that Walker Stores is to maintain its membership with AFCA for a further 12 months, to 12 October 2027 so that complaints about Walkers Stores can still be lodged with AFCA.

Background

This decision is not ASIC’s first regulatory action in relation to Walker Stores. On 21 May 2025, ASIC commenced proceedings against Walker Stores (trading as Snaffle) in the Federal Court of Australia. On 18 May 2026, the Court ordered a $33.5 million penalty against Walker Stores for unlawfully overcharging tens of thousands of consumers under credit contracts (26-099MR and 25-084MR).

The CSLR was established in June 2023 and commenced operations in April 2024. It can pay up to $150,000 in compensation to eligible consumers with an unpaid AFCA determination relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, and who meet the eligibility requirements.

Before a CSLR payment can be made, consumers must first complete the AFCA complaint process and take reasonable steps to obtain compensation from the financial firm or credit provider.

ASIC’s decision to cancel the credit licence of Walker Stores follows previous ASIC decisions. ASIC has cancelled ten AFS licences and eight credit licences since the commencement of the CSLR.

See:

• 26-247MR ASIC cancels licence of MWL Financial Services Pty Ltd (in Liquidation)
• 26-159MR ASIC cancels AFS licence of Australian Fiduciaries Limited (In Liquidation)
• 26-035MR ASIC cancels AFS licence of Private Wealth Pty Ltd
• 25-258MR ASIC cancels licence of GS-APAC Pty Ltd
• 25-246MR ASIC cancels licence of Wealth Trail Pty Ltd (In Liquidation)
• 25-183MR ASIC cancels licence of Easy Plan Financial Services Pty Ltd
• 25-080MR ASIC cancels licence of Calaite Capital Partners Pty Ltd
• 25-067MR ASIC cancels licence of Brite Advisors Pty Ltd
• 25-064MR ASIC cancels licence of Viridian Equity Group Pty Ltd
• 24-262MR ASIC cancels licence of RPD Group Advice Pty Ltd
• 24-256MR ASIC cancels licence of DOD Bookkeeping Pty Ltd
• 24-233MR ASIC cancels the Australian financial services and credit licences of Ultiqa Lifestyle Promotions Limited
• 24-181MR ASIC cancels licence of Libertas Financial Planning
• 24-210MR ASIC cancels licences of Ultimate Credit Management Pty Ltd and Worry Free Finance Pty Ltd
• 24-223MR ASIC cancels licence of Ferratum Australia Pty Ltd