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.