New South Wales-based foreign exchange company Smart Trader International has had its AFSL cancelled by ASIC.
Sydney-based foreign exchange firm Smart Trader International has had its licence cancelled by ASIC for failing to lodge financial statements and auditor's reports for the past three years.
Smart Trader International has held its AFSL since June 2015.
Commenting on the licence cancellation, ASIC acting chair Peter Kell said licensees are required to lodge financial statements and auditor's reports with the regulator to demonstrate their capacity to provide financial services.
"Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements," Mr Kell said.
A statement by ASIC on the matter said: "The cancellation of Smart Trader International's AFS licence is part of ASIC's on-going efforts to improve standards across the financial services industry."
"ASIC will continue to contact AFS licensees who have not lodged financial statements and auditor's reports and take appropriate action if they fail to do so."
Staffing levels at the prudential regulator will rise and consumer advocates will be given more cash under new measures outlined in Tuesday’s budget...
The commercial law firm has signed on to partner with Australia’s leading technology and innovation event for financial advisers. ...
Insurers and industry bodies are urging life insurance clients to get a COVID vaccine as soon as possible, amid social media speculation that getting ...
Get notifications in real time and stay up to date with content that matters to you.
