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.