The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Perth-based financial services provider Ballast Financial Management Pty Ltd.

The cancellation is effective 20 June 2025.

The AFS licence was cancelled after ASIC became aware that Ballast had ceased to carry on a financial services business. ASIC may suspend or cancel an AFS licence if the licensee ceases to carry on a financial services business under section 915B of the Corporations Act 2001 (Cth).

Ballast held AFS licence number 233180 since 9 September 2003. It was authorised to carry on a financial services business and provide financial product advice to both retail and wholesale clients.

Ballast has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

In October 2020, ASIC suspended the license of Ballast.