Where Ultiqa stands now
- Ultiqa stopped promoting the scheme on 28 January 2020.
- It entered members' voluntary liquidation on 30 April 2021.
- In May 2022 the Federal Court found Ultiqa's authorised representatives (October 2017 – March 2019) advised consumers to invest in the scheme when it wasn't in their best interests, and a $900,000 penalty was imposed (ASIC 22-111MR).
- ASIC cancelled Ultiqa's Australian financial services and credit licences on 16 October 2024 after an unpaid AFCA determination (ASIC 24-233MR).
Can we cancel our Ultiqa membership?
Many members want to, particularly given the scheme's status. The answer depends on your contract terms, whether levies or finance are outstanding, and how the scheme is now being administered. Write to the liquidator or administrator to confirm your status, and ask for any answer in writing.
Ultiqa cancellation policy and cooling-off rights
Your membership contract sets out the cancellation terms. A statutory cooling-off period applied at the point of sale, but for most members that has passed. If you signed very recently through a successor arrangement, check your paperwork immediately.
Every contract is different. Not sure which route fits? Get a free contract review →
Free complaint routes: AFCA and the CSLR
The Australian Financial Complaints Authority (AFCA) is a free, independent dispute service. In June 2024 AFCA made a determination against Ultiqa that went unpaid. The Compensation Scheme of Last Resort (CSLR) then paid the consumer $19,429.60.
The CSLR can pay up to $150,000 where a financial firm fails to pay an AFCA determination, but the AFCA process must be completed first. Whether you're eligible depends on your circumstances — there's no guarantee of compensation.
If your membership was financed
If you borrowed to buy your membership, the loan is usually a separate agreement and continues regardless of the scheme's status. Contact the lender directly — and if you believe the loan was unsuitable, a complaint to the lender and then AFCA may be available. Please don't simply stop making repayments without advice.
When a professional review helps
If you're unsure whether you have grounds for a complaint, or the process feels overwhelming, a professional review can help. Ours is free and gives you a written summary of your options. See also our guide to exiting a timeshare in Australia, or check my eligibility.
This guide is general information only, not legal or financial advice. Eligibility depends on your individual circumstances and contract.