ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.

Wednesday 17 October 2018

18-311MR ASIC cancels AFS licence of Red Summit

ASIC has cancelled the Australian financial services (AFS) licence of WA-based Red Summit Trading Partners Pty Ltd (Red Summit).

On 7 March 2018, ASIC suspended the AFS licence 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 (refer: 18-082MR).

Red Summit has agreed to have the AFS licence 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 licence is part of ASIC's ongoing efforts to improve standards across the financial services industry.

Last updated: 17/10/2018 01:54