The Australian Securities and Investments Commission (ASIC) has cancelled Australian financial services (AFS) licence held by Beacon Wealth Pty Ltd.

The regulatory decision was made after the regulator was satisfied that the licensee ceased to carry on a financial services business and had not taken the steps necessary to recommence operations, after the licence was suspended in April 2025.

ASIC cancelled Beacon Wealth’s licence under section 915B(3)(a) of the Corporations Act 2001, which permits ASIC to suspend or cancel a licence where a licensee ceases to carry on a financial services business.

The regulator found that Beacon Wealth ceased operating its financial services business on or prior to June 2024 and had not carried on such a business since that time. Although the licence was previously suspended to allow the company an opportunity to seek variations necessary to commence a proposed new business, Beacon Wealth did not progress its licence variation, did not provide required information to ASIC and did not pay the applicable fees.

ASIC considered submissions made in relation to a proposed acquisition of the licence. However ASIC concluded it did not involve the continuation of an existing financial services business, rather a pathway to commence a new financial services business. ASIC considered that this approach is not consistent with the financial services licensing regime, which requires new financial services businesses to apply for a new AFS licence or become authorised by an existing licensee.

Beacon Wealth may apply to the Administrative Review Tribunal for a review of ASIC’s decision.