Australian regulator ASIC has cancelled the Australian financial services (AFS) licence of Global Pacific Solutions Group Pty Ltd (AFS licence no. 514164), effective Wednesday, May 20, 2026.
ASIC said Global Pacific Solutions Group is no longer carrying on a financial services business. Under s915B(3)(a) of the Corporations Act, ASIC may cancel an AFS licence held by a body corporate if the body ceases to carry on a financial services business.
The company may apply to the Administrative Appeals Tribunal for a review of the decision.
Prior suspension
The cancellation follows a three-year suspension of the same licence, which ASIC imposed in March 2022. In that earlier action, ASIC said it found Global Pacific failed to ensure its financial services were provided efficiently, honestly and fairly, over the conduct of Douglas Cecil Allen, the company’s sole director and secretary since January 2019.
ASIC also said the company failed to take reasonable steps to ensure representatives complied with financial services laws and failed to maintain the competence to provide the services covered by its licence.
Global Pacific had sought a review of the 2022 suspension at the Administrative Appeals Tribunal but withdrew the application in February 2023, according to ASIC.
Global Pacific held AFS licence 514164 since 24 February 2019.
