ASIC has informed the public that it has suspended the Australian financial services (AFS) license of WA-based Red Summit Trading Partners Pty Ltd (Red Summit) from 7 March 2018.
ASIC found that, due to various staffing changes, Red Summit is not currently carrying on a financial services business. As a license variation application is pending, Red Summit have been given until 7 September 2018 to ensure, and demonstrate, that they are in a position to meet the requirements of holding an AFS license and carrying on a financial services business.
If Red Summit is unable to demonstrate that it is in a position to recommence its financial services business, ASIC will consider whether the license should be cancelled.
Background
Red Summit is authorised to provide financial product advice and has held its AFS license since July 2013.
The suspension of Red Summit’s license is part of ASIC’s ongoing efforts to improve standards across the financial services industry.