ASIC cancels Squareknot’s AFS licence and suspends Forex Plus Australia’s one

The Australian Securities & Investment Commission (ASIC) announced cancelling the Australian financial services (AFS) of Sydney-based financial services provider Squareknot Pty Ltd, effective 6 May 2020.

ASIC found that Squareknot did not meet the base level financial requirements of its licence.

The Australian regulator also suspended the AFS licence of New South Wales-based financial services provider Forex Plus Australia Pty Ltd for a period of six months effective from 5 May 2020.

ASIC office

ASIC discovered that Forex Plus had not been providing financial services for some time. The company also failed to lodge its audited accounts for a number of years. AFS licensees are required by law to lodge their audited accounts annually to demonstrate that they have adequate resources to provide the services.

ASIC did not cancel Forex Plus’ licence as the company indicated that it may recommence providing financial services.

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