The Australian Securities and Investments Commission (ASIC) has suspended the financial services licence of Marigold Falconer International Limited because it does not have current professional indemnity (PI) insurance.

The Melbourne-based financial services company’s PI policy, which would cover claims for breaches of financial services laws or its representatives, expired at the end of February.

ASIC also found the firm has not lodged audited financial statements with ASIC for the 2015 financial year.

The company specialises in securities, certain derivatives, investment banking, corporate planning and advice.

The licence suspension will be reviewed on May 31.