ASIC has cancelled the Australian financial services licence held by Patrick Joseph O’Neill on 9 November 2024, due to Mr O’Neill’s failure to comply with licence obligations.

The Corporations Act imposes obligations on Australian financial services licensees. Mr O’Neill has not complied with the obligations to be a member of an external dispute resolution scheme, to lodge annual financial statements with ASIC for the financial years ending 30 June 2018 to 2023, and to pay outstanding industry funding levies to ASIC.

The failure to comply with these obligations has enlivened ASIC’s power to cancel the licence under s915C(1) of the Corporations Act.

Background

ASIC granted Australian financial services licence number 500004 to Mr O’Neill on 25 October 2017.