The Australian Securities and Investments Commission has cancelled CAIP Services’ licence to operate as a financial services business.

“The Australian financial services licence was cancelled after ASIC found that CAIP Services was no longer using the ... licence to provide financial services,” the commission said.

Since February 2013, CAIP had a licence to provide financial product advice in relation to general insurance and life insurance to retail and wholesale clients.

ASIC says CAIP can appeal against the decision through the Administrative Review Tribunal.