ASIC cancels AFS license of Red Summit


asic afs license

Australian regulator ASIC has just announced that it has cancelled the Australian financial services (AFS) license of WA-based Red Summit Trading Partners Pty Ltd (Red Summit).

On 7 March 2018, ASIC suspended the AFS license of Red Summit until 7 September 2018 after it was found that the licensee was not carrying on its financial services business due to staffing changes. The suspension provided Red Summit the opportunity of six months in which to demonstrate it could recommence its financial services business.

Red Summit has agreed to have the AFS license cancelled as they were unable to demonstrate they could do so. The cancellation took effect on 28 August 2018.

The cancellation of Red Summit’s license is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

Related News

arrow

ASIC cancels AFS license of Red Summit

0

Send this to a friend

Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: