Two Perth men who allegedly conducted a financial services business without being licensed have a week left to appear in court or face the consequences.

Michael Anderson and John Pizzey, who operated a business called Iplus Risk Management, failed to appear in the Federal Court in Perth last week.

The Australian Securities and Investments Commission (ASIC) is seeking to prevent Iplus, Mr Anderson and Mr Pizzey from operating a financial services business without a licence. ASIC has also asked the court to void all insurance contracts between the company and specific policyholders.