The Australian Securities and Investments Commission (ASIC) has cancelled the licence of NSW insurance broker Leedam.

ASIC had already banned the sole director of Leedam – Isaac Hakim of Queens Park – from providing financial services after it found he overcharged clients by more than $3 million. (See earlier story)

Under the Corporations Act, ASIC can cancel a financial services licence if a licensee ceases to carry on its financial services business.

It found Leedam ceased to carry on its financial services business in February.

Leedam can apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.