ASIC announces pair of AFSL cancellations

The Australian Financial Services Licence (AFSL) of Macgill Financial Services in Bunbury, Western Australia, was cancelled on 29 November after the Australian Securities and Investments Commission (ASIC) found it has ceased to carry on a financial services business.

The firm was granted its AFSL in February 2012 but ASIC may suspend or cancel an AFSL by giving written notice if the licensee ceases to carry on the financial services business under section 915B of the Corporations Act.

Macgill Financial Services has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Second, ASIC cancelled the AFSL of Patrick Joseph O’Neill after he failed to meet his AFSL obligations which had commenced in October 2017.

O’Neill saw his license cancelled on 9 November as he had failed to comply with its AFSL obligations under the Corporations Act.

This specifically included the failure to be a member of an external dispute resolution scheme, to lodge annual financial statements for the 30 June 2018 to 2023, and to pay outstanding industry funding levies to ASIC.

As a result, the corporate regulator has cancelled his AFSL under s915C(1) of the Corporations Act.