Australian Regulator Cancels Licence On Miscreant Financial Advisor

Tom Burroughes

31 May 2017

Australia’s principal financial watchdog has cancelled the licence of an advisory firm as a result of a serious of compliance failings.

The Australian financial services licence was cancelled for Gallop International Group Pty, a firm formerly known as Weather Pro Exchange Pty Ltd. The cancellation took effect from 24 May.

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, the Australian Securities and Investments Commission said in a statement yesterday.

ASIC said it had found that Gallop “repeatedly failed to comply with the conditions on its' AFS licence or its' obligations under financial services laws”. The non-compliance related to late lodgement of financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.

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