The corporate regulator has cancelled a financial services licence after its holder failed to have Australian Financial Complaints Authority membership.

The business, Lief, was authorised to deal and provide financial product advice in relation to life and superannuation products to retail and wholesale clients.

The Australian Securities and Investments Commission says “licensees are required by law to be a member of AFCA ... membership gives consumers access to a free, fair and independent dispute resolution scheme if a complaint cannot be resolved internally by a licensee.”

The commission also found Lief failed to comply with its financial reporting obligations.

The business can appeal to the Administrative Review Tribunal for a review of ASIC’s decision.