ASIC has cancelled the Australian financial services (AFS) licence of PDM Capital Pty Ltd (PDM Capital).

The licence was cancelled on the basis that PDM Capital has not provided any financial services under the licence since it was issued on 10 December 2014.

Under the Corporations Act, ASIC may cancel an AFS licence if the licensee does not provide the financial service covered by the licence before the end of six months after the licence is granted.

PDM Capital (AFSL 458464) may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.