ASIC cancels Gallop’s licence
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial service licence (AFSL) for Gallop International Group Pty Ltd, formerly known as Weather Pro Exchange Pty Ltd, for repeated failures to comply with the licence’s conditions.
According to ASIC, the company’s non-compliance included late lodgement of financial statements, audit reports, breach reports, notifications of change in control and the appointment of the auditor.
ASIC’s commissioner, John Price, said: “Where licensees fail to meet those obligations, ASIC will act to remove them from the financial services industry.”
Gallop was authorised to provide financial product advice, deal in a financial product, provide custodial or depository services to retail and wholesale clients and make a market in foreign exchange contracts and derivatives products to wholesale clients.
Gallop has the right to appeal to the Administrative Appeals Tribunal for a review for ASIC’s decision.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.