A note sent to last year's attendees said the Broomstick Ball "will be taking a holiday during the Olympic Year 2012. The new look Broomstick Ball will return for Halloween 2013."
The Broomstick Ball was set up 10 years ago by former Bristol & West head of sales Deirdre McManus to raise money for Cancer Research in memory of a colleague lost to breast cancer.
It is the mortgage industry's biggest solely charitable event and has raised almost £1m in a decade for the charity. It is understood that in 2008 the ball raised around £100,000 but in 2010 that dropped to around £25,000.
Although there was no reason given for this year's cancellation it has been suggested that several of the industry's largest lenders have decided not to take tables due to market difficulties this year.
John Malone, executive chairman of PMS and one of McManus' biggest supporters, said: "Many of us in the industry look forward to the Broomstick Ball and will be sad to miss it this year.
"It is always brilliantly organised by Deirdre and we look forward to its return next year."
Last year's ball was held at the St Pancras Grand Hotel in London although it is believed there were some "issues" on the part of the hotel managment with an earlier booking running over and dinner starting later than planned.
A spokeswoman for the ball said: "Thank you to all our past supporters and we look forward to your continued support in the future."
