The Australian Securities and Investments Commission (ASIC) has cancelled the licences of two financial services providers over compliance failures.

The regulator says Jels Financial Financial Group, based in Victoria, failed to appoint a replacement following the death of its “key person”, as required under the terms of its Australian financial services (AFS) licence.

The group’s sole corporate authorised representative was also insolvent and the business did not lodge its audited accounts for the 2017-19 financial years.

The regulator says the licence of WA-based Selectinvest was cancelled because the business failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority. It also has failed to lodge its annual financial and audit reports since 2017.

ASIC says Selectinvest may apply to the Administrative Appeals Tribunal for a review of the decision to cancel its licence.