This is a general financial services licence cancellation with no specific connection to payments services, payment instruments, or payment infrastructure.
While ASIC is the regulator, the update concerns a generic AFS licence cancellation unrelated to payment handling, payment institutions, or payments-specific breaches.
Specialism
ASIC explicitly cancelled the AFS licence of Beacon Wealth Pty Ltd under section 915B(3)(a) of the Corporations Act, representing permanent withdrawal of authorisation for a financial services firm.
The licence cancellation follows a prior suspension in April 2025, demonstrating a progression of enforcement actions related to the firm's failure to comply with regulatory obligations.
2026-04-07 15:07:51·kgurnani@vixio.com
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TITLE: Australia's Financial Services Regulator Cancels Beacon Wealth's AFS Licence
BODY:
On [date of cancellation], the Australian Securities and Investments Commission (ASIC) cancelled Australian Financial Services (AFS) licence number 239,946, held by Beacon Wealth Pty Ltd. ASIC exercised its powers under section 915B(3)(a) of the Corporations Act 2001 to cancel the licence after determining that Beacon Wealth had ceased carrying on a financial services business and failed to take necessary steps to recommence operations.
ASIC found that Beacon Wealth ceased operating its financial services business on or prior to June 2024 and had not resumed operations since that time. The licence had been previously suspended in April 2025 to provide the company an opportunity to seek variations necessary to commence a proposed new business. However, Beacon Wealth did not progress its licence variation application, did not provide required information to ASIC, and did not pay applicable fees. ASIC also considered a proposed acquisition of the licence but concluded it did not constitute continuation of an existing financial services business. Instead, ASIC determined the proposed acquisition represented a pathway to commence a new financial services business, which is inconsistent with the financial services licensing regime. Under that regime, new financial services businesses must apply for a new AFS licence or become authorised by an existing licensee. The AFS licence, originally issued in 2003, was previously held under the names CCZ Statton Pty Ltd, CCZ Statton Equities Pty Ltd, and CCZ Equities Australia Pty Ltd.
Beacon Wealth may apply to the Administrative Review Tribunal for a review of ASIC's decision.
REFERENCES:
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2025-media-releases/26-060mr-asic-cancels-afs-licence-of-beacon-wealth-pty-ltd/