The corporate regulator has canceled two AFSLs, one against a WA financial advice firm and one against an individual.

Macgill Financial Services’ AFSL in Bunbury, Western Australia, was canceled on November 29 after ASIC found it had ceased to carry on its financial services business.

The company obtained its AFSL in February 2012, but ASIC may suspend or cancel an AFS license, by giving written notice, if the licensee ceases to carry on financial services activities under section 915B of the law. Companies Act.

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

Second, ASIC canceled Patrick Joseph O’Neill’s AFSL after he failed to comply with his AFSL obligations which began in October 2017.

O’Neill had his license canceled on November 9 because he failed to comply with his AFSL obligations under the Companies Act.

This specifically included not being a member of an external dispute resolution scheme, filing annual financial statements for the period 30 June 2018 to 2023 and paying outstanding sector funding levies to ASIC .

As a result, the corporate regulator canceled its AFSL under section 915C(1) of the Companies Act.