The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Michael James Haley after finding he has ceased to carry on a financial services business.

Mr Haley's AFS licence cancellation became effective on 1 November 2017.

ASIC may suspend or cancel an AFS licence, by giving written notice, if the licensee ceases to carry on the financial services business under section 915B of the Corporations Act.

Mr Haley has held an AFS licence as an individual from 5 March 2004.

He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.