The Australian Securities and Investments Commission (ASIC) revealed Monday that it has cancelled the Australian financial services (AFS) licence of Perth-based Ballast Financial Management Pty Ltd, effective 20 June 2025.
ASIC Cancels AFS Licence of Perth-Based Ballast Financial Management
According to the regulator, the cancellation followed confirmation that Ballast had ceased operating a financial services business.
The regulator explained that under section 915B of the Corporations Act 2001, ASIC may suspend or cancel a licence if the licensee no longer carries on business.
Ballast, which held AFS licence number 233180 since 9 September 2003, had been authorised to provide financial product advice and services to both retail and wholesale clients.
The company’s operations had been licensed for over two decades before the recent cancellation.
While the licence cancellation is now in effect, Ballast retains the right to appeal the decision to the Administrative Appeals Tribunal.
ASIC did not disclose the specific circumstances under which Ballast ceased its operations, but the cancellation aligns with the regulator’s responsibility to ensure that licensed entities remain active and compliant in the financial services sector.
The move forms part of ASIC’s ongoing oversight of financial services providers. Entities that no longer meet the operational requirements under the law face regulatory action, including licence cancellation or suspension.
