The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Woodsdale Corporation Pty Ltd (AFSL 220133).

The licence was cancelled on the basis that Woodsdale Corporation Pty Ltd has not carried on a financial services business since 2017.

The regulator explains that it may cancel an AFS licence held by a body corporate without a hearing if the body ceases to carry on a financial services business.

Woodsdale Corporation Pty Ltd, which held AFS licence number 220133 since 9 July 2002, may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

For similar reasons, ASIC has recently cancelled the Australian financial services (AFS) licence of Global Funding Partners Pty Ltd (AFSL 502802). The licence was cancelled on the basis that Global Funding Partners has ceased to carry on a financial services business.