The Australian Securities & Investments Commission (ASIC) has cancelled Beacon Wealth Pty Ltd’s Australian financial services (AFS) licence after determining the licensee had ceased to carry on a financial services business and had not taken the steps necessary to recommence operations following an April 2025 suspension. The cancellation was made under section 915B(3)(a) of the Corporations Act 2001. ASIC found Beacon Wealth ceased operating its financial services business on or prior to June 2024 and had not carried on such a business since. Although AFS licence number 239 946 (issued in 2003) had been suspended until 7 April 2026 to allow the firm time to seek variations needed to commence a proposed new business, Beacon Wealth did not progress its licence variation, did not provide required information and did not pay applicable fees. ASIC also considered submissions relating to a proposed acquisition of the licence, but concluded the proposal was a pathway to commence a new financial services business rather than a continuation of an existing one, which it considered inconsistent with the licensing regime. Beacon Wealth may apply to the Administrative Review Tribunal for review of ASIC’s decision.

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