WA advice firm among 2 AFSL cancellations
The corporate regulator has cancelled two Australian Financial Services Licences (AFSLs), one against a Western Australian financial advice firm and the other against an individual.
The AFSL of Macgill Financial Services in Bunbury, Western Australia, was cancelled on 29 November after 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 AFS licence, 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.
Secondly, 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 licence 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 from the financial years ending 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.
AUTHOR
Laura Dew
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