The Australian Securities and Investments Commission (ASIC) announces that it has cancelled the Australian Financial Services (AFS) licence of NSW-based financial services provider Metal Alpha Pty Ltd. The cancelation is effective 19 May 2022.

On 18 May 2022, Metal Alpha confirmed to ASIC that Metal Alpha was no longer carrying on a financial services business and had no intention to resume trading. On this basis, ASIC decided to cancel Metal Alpha’s AFS licence.

The regulator explains that it may suspend or cancel an AFS licence if the licensee is no longer providing financial services.

Metal Alpha may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Metal Alpha held AFS licence 414468 from 4 January 2012, which authorised it to carry on a financial services business to provide financial product advice and deal in certain financial products to wholesale clients.