The corporate regulator has cancelled the Australian Financial Services Licence (AFSL) of NSW-based foreign exchange company Smart Trader International.
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 had 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."
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...
RBA governor Philip Lowe has warned that withdrawing the massive fiscal stimulus risks destabilising the recovery at a critical point. ...
The Federal Court of Australia has sided with ASIC over a case concerning an alleged unregistered managed investment scheme and a related co...