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

The license authorised Capital Investment Partners to deal in securities and interests in managed investment schemes and to provide financial product advice for wholesale clients.

ASIC cancelled the licence because Capital Investment Partners has ceased to carry on a financial services business.

ASIC may cancel an AFS licence held by a body corporate without a hearing if the body ceases to carry on a financial services business.

Capital Investment Partners may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Capital Investment Partners has held AFS licence no. 292416 since 13 October 2005.