The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence held by Macgill Financial Services Pty Ltd.

The regulator found the company has ceased to carry on a financial services business.

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.

ASIC granted Australian financial services licence number 416722 to Macgill Financial Services on 28 February 2012.

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