Regulators have cancelled Queensland advice practice Advamode Financial’s Australian financial services licence.

The company was put into liquidation in May after a number of conditions were imposed on it last year, including the requirement to appoint a compliance expert to monitor advice.

The Australian Securities and Investments Commission (ASIC) had become concerned about Advamode’s ability to provide “efficient, fair and honest” advice and to have the financial resources to meet compliance requirements.

ASIC was also concerned about conflicts of interests and product research.