ASIC cancels AFSL for compliance breaches

According to a statement, ASIC has cancelled the AFSL of Gallop International Group Pty Ltd, formerly known as Weather Pro Exchange Pty Ltd.

Gallop was authorised to provide financial product advice, deal in a financial product and provide custodial or depository services to retail and wholesale clients, and make a market in foreign exchange contracts and derivatives products to wholesale clients.

ASIC found Gallop had repeatedly failed to comply with the conditions of its AFSL. The non-compliance related to late lodgements of financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.

“The opportunity to hold an Australian financial services licence requires compliance with some fundamental obligations, including reporting requirements,” said ASIC commissioner John Price.

“Where licensees fail to meet those obligations, ASIC will act to remove them from the financial services industry.”

Gallop has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.