ASIC cancelled Global Pacific Solutions Group’s AFS licence after the firm stopped providing financial services, highlighting licence exit rules, AAT review rights and past compliance issues.
ASIC Cancels Global Pacific Group’s AFS Licence
On May 26, 2026, theASICissued media release 26-106MR, announcing that it had formally cancelled theAFSlicence held by Global Pacific Solutions Group Pty Ltd, licence number 514164. The cancellation decision took effect on May 20, 2026.
The direct reason for the cancellation was that the company was no longer carrying on a financial services business. Under section 915B(3)(a) of Australia’sCorporations Act, ASIC has the authority to cancel an AFS licence when a licensed body corporate ceases to carry on a financial services business.
Details of the Cancellation Decision
According to ASIC’s announcement, Global Pacific Solutions Group Pty Ltd may apply to theAATfor a review of ASIC’s cancellation decision. As of now, there is no public information showing that the company has filed a review application.
This cancellation marks the final end of the company’s licensed status since it was granted its AFS licence on February 24, 2019. The full regulatory timeline of the event is as follows:
| Date | Event | Legal Basis | Status |
|---|---|---|---|
| 2019-01-24 | Company ABN registered, number 83631161405 | — | Registered |
| 2019-02-24 | AFS licence granted, number 514164 | Section 915B of the Corporations Act | Effective |
| 2022-03-15 | ASIC suspension order formally took effect | ASIC enforcement authority | Suspended |
| 2022-04-06 | Applied to the Administrative Appeals Tribunal for review | Administrative Appeals Tribunal Act | Under review |
| 2023-02-06 | Review application voluntarily withdrawn | — | Withdrawn |
| 2026-05-20 | AFS licence formally cancelled | Section 915B(3)(a) of the Corporations Act | Cancelled |
Legal Basis and Review Channels
The legal basis for ASIC’s cancellation decision was section 915B(3)(a) of Australia’sCorporations Act. This provision gives ASIC statutory authority to cancel an AFS licence under specific circumstances:
The licensed body corporate has ceased to carry on a financial services business
The licensed body corporate has failed to meet statutory obligations under the licence
The licensed body corporate no longer has the qualifications or capacity to provide financial services
A company whose licence has been cancelled has the right to apply to the Australian Administrative Appeals Tribunal for review within the prescribed period. Global Pacific Solutions Group had previously applied to the AAT in 2022 for a review of ASIC’s suspension decision, but that application was voluntarily withdrawn on February 6, 2023.
Licensing History and Previous Penalty Record
Before this cancellation, Global Pacific Solutions Group already had a complex regulatory record. According to ASIC’s media release 23-063MR issued on March 15, 2023, ASIC found that the company had engaged in the following breaches:
Failed to ensure that the financial services it provided were delivered efficiently, honestly and fairly
Failed to take reasonable steps to ensure that its authorised representatives complied with financial services laws
Failed to maintain the professional competence required for the financial services covered by its licence
The above breaches were directly related to the conduct of the company’s sole director and secretary, Douglas Cecil Allen. Allen had held that position since January 22, 2019. On that basis, ASIC imposed a three-year suspension on the company’s AFS licence, with the suspension order taking effect on March 15, 2022.
Information Sources
ASIC media release 26-106MR, published on May 26, 2026
ASIC media release 23-063MR, published on March 15, 2023
FX News Group industry report, published on May 26, 2026
Questions About Global Pacific Group’s AFS Licence Cancellation
Why was Global Pacific Solutions Group’s AFS licence cancelled?
ASIC cancelled the company’s AFS licence, number 514164, on May 20, 2026. The direct reason was that the company was no longer carrying on a financial services business. Under section 915B(3)(a) of theCorporations Act, ASIC has the authority to cancel a licence when a licensed body corporate ceases to carry on a financial services business.
How is this cancellation related to the 2022 suspension decision?
On March 15, 2022, ASIC imposed a three-year suspension on the company’s AFS licence because it failed to provide financial services efficiently, honestly and fairly. This cancellation occurred during the suspension period. Its basis was not the earlier breaches, but the fact that the company had effectively stopped carrying on a financial services business.
Does the company have any appeal channel after the licence cancellation?
Under Australian law, Global Pacific Solutions Group Pty Ltd has the right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s cancellation decision. The company had previously applied for an AAT review of the suspension decision in 2022, but voluntarily withdrew that application in February 2023.
What was the AFS licence number and licensing duration of the company?
The company held AFS licence number 514164. It was granted on February 24, 2019, and cancelled on May 20, 2026, giving it a licensed duration of approximately seven years and three months.
