ASIC announced that it has cancelled the Australian financial service licence (AFS) licence of Gallop International Group Pty Ltd, formerly known as Weather Pro Exchange Pty Ltd (ACN 147 664 551) (Gallop). The cancellation of the AFS licence is effective from 24 May 2017.
Gallop International runs Retail Forex broker Gallop FX from website gallopfx.com.au. The broker offers trading on the MT4 platform, targeting mainly Chinese retail traders.
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.
ASIC found Gallop had repeatedly failed to comply with the conditions on its’ AFS licence or its’ obligations under financial services laws. The non-compliance related to late lodgement of financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.
ASIC Commissioner John Price said:
The opportunity to hold an Australian financial services licence requires compliance with some fundamental obligations, including reporting requirements. 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.