Financial services business Marigold Falconer International’s licence has been cancelled over doubts it can secure professional indemnity (PI) insurance, as required by the Australian Securities and Investments Commission (ASIC).

Marigold Falconer specialises in securities, certain derivatives, investment banking and corporate planning.

The regulator says in a statement that the company “was unable to satisfy ASIC that it could obtain insurance cover for the services it was authorised to provide under the licence, which included providing financial product advice and dealing in financial products”.

ASIC had previously suspended the licence of the Melbourne-based business until the end of next month, pending several conditions being fulfilled – including providing ASIC with evidence by the end of last month that it could obtain PI cover for a licence variation to allow for trading in spot gold.