Regulator cancels forex firm’s AFSL

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."