ASIC has cancelled the Australian financial services (AFS) licence of Perth-based financial services provider Ballast Financial Management Pty Ltd effective 20 June 2025.
The AFS licence was cancelled after ASIC became aware that Ballast had ceased to carry on a financial services business. ASIC may suspend or cancel an AFS licence if the licensee ceases to carry on a financial services business under section 915B of the Corporations Act 2001 (Cth).
Background
Ballast held AFS licence number 233180 since 9 September 2003. It was authorised to carry on a financial services business and provide financial product advice to both retail and wholesale clients.
Ballast has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.