ASIC has cancelled Australian financial services (AFS) licence number 239 946, held by Beacon Wealth Pty Ltd (Beacon Wealth) after being satisfied that the licensee ceased to carry on a financial services business and had not taken the steps necessary to recommence operations, after the licence was suspended in April 2025.
ASIC cancelled Beacon Wealth's licence under section 915B(3)(a) of the Corporations Act 2001, which permits ASIC to suspend or cancel a licence where a licensee ceases to carry on a financial services business.
ASIC found that Beacon Wealth ceased operating its financial services business on or prior to June 2024 and had not carried on such a business since that time. Although the licence was previously suspended to allow the company an opportunity to seek variations necessary to commence a proposed new business, Beacon Wealth did not progress its licence variation, did not provide required information to ASIC and did not pay the applicable fees.
ASIC considered submissions made in relation to a proposed acquisition of the licence. However ASIC concluded it did not involve the continuation of an existing financial services business, rather a pathway to commence a new financial services business. ASIC considered that this approach is not consistent with the financial services licensing regime, which requires new financial services businesses to apply for a new AFS licence or become authorised by an existing licensee.
Beacon Wealth may apply to the Administrative Review Tribunal for a review of ASIC's decision.
Background
AFS license 239 946 was issued in 2003 and was previously known as CCZ Statton Pty Ltd, CCZ Statton Equities Pty Ltd and CCZ Equities Australia Pty Ltd.
ASIC previously suspended AFS licence number 239 946, held by Beacon Wealth until 7 April 2026.
The AFS licence was suspended because it had ceased carrying on a financial services business.
At that time, Beacon Wealth had indicated that it wished to commence a financial services business under the AFS licence, however it needed to obtain approvals from ASIC in order to do so (refer 25-059MR).
