Powered by MOMENTUM MEDIA

ASIC cancels Gallop International’s licence

Reporter
— 1 minute read

ASIC has cancelled the Australian financial services licence of Gallop International Group.

According to a statement, ASIC has cancelled the AFSL of Gallop International Group Pty Ltd, formerly known as Weather Pro Exchange Pty Ltd.

Gallop was authorised to provide financial product advice, deal in a financial product and provide custodial or depository services to retail and wholesale clients, and make a market in foreign exchange contracts and derivatives products to wholesale clients.

Advertisement
Advertisement

ASIC found Gallop had repeatedly failed to comply with the conditions of its AFSL. The non-compliance related to late lodgements of financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.

“The opportunity to hold an Australian financial services licence requires compliance with some fundamental obligations, including reporting requirements,” said ASIC commissioner John Price.

“Where licensees fail to meet those obligations, ASIC will act to remove them from the financial services industry.”

Gallop has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Read more:

‘Green loan’ marketplace receives $20m

Bank lobby calls for wider APRA powers

Small caps worth another look: Activus

TelstraSuper backs Australian innovators

IRESS strikes systems agreement with ITG

 

ASIC cancels Gallop International’s licence
investordaily image
ID logo

related articles

  • ‘We have a long battle ahead’: Byres

    APRA chairman Wayne Byres has told banks to prepare for the long haul and warned that the idea that the financial system will return to norm...

  • Stimulus must stay: Lowe

    RBA governor Philip Lowe has warned that withdrawing the massive fiscal stimulus risks destabilising the recovery at a critical point. ...

  • Court orders receivers to WA firm 

    The Federal Court of Australia has sided with ASIC over a case concerning an alleged unregistered managed investment scheme and a related co...

promoted stories

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.