ASIC has cancelled the Australian financial services (AFS) licence of NSW-based company Smart Trader International Pty Ltd (AFS 475277) for failing to lodging its financial statements and auditor's reports for a period of three years.
ASIC Chair Peter Kell said, ‘Licensees are required to lodge financial statements and auditor's reports with ASIC to demonstrate their capacity to provide financial services.
'Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements.'
The cancellation of Smart Trader International's AFS licence is part of ASIC's on-going efforts to improve standards across the financial services industry.
Smart Trader International has held its AFS licence since June 2015.
The annual lodgment of financial statements and an auditor's report is an important part of an AFS licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct its business in compliance with the Corporations Act 2001.
ASIC will continue to contact AFS licensees who have not lodged financial statements and auditor's reports and take appropriate action if they fail to do so.