ASIC cancels licence of Mackellar Financial Services

In a statement, the corporate regulator announced Mackellar Financial Services' Australian financial services licence was cancelled "for continued failure to lodge financial statements and auditor's reports for a period of four years".

The cancellation comes after ASIC announced on 9 November it was handing down a licence suspension to Mackellar from 31 October 2017 to 30 April 2018.

At the time, the suspension was because ASIC had found the firm had failed to lodge financial statements for a period of two years, not four.

"Licensees are required to lodge financial statements and auditor's reports with ASIC to demonstrate their capacity to provide financial services," the statement said.

"Failure to comply with reporting obligations can be an indicator of a poor compliance culture."