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Trader banned for not lodging financial statements

Friday 5 January 2018
NSW-based Smart Trader International has had its financial licence banned for failing to lodge financial statements and auditor’s reports three years in a row.

“Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements,” said Australian Securities and Investments Commission (ASIC) Chair, Peter Kell.

The regulator indicated the cancelling of the financial licence is part of an ongoing effort to improve standards across the financial industry. 

“The annual lodgement of financial statements and an auditor's report is an important part of an AFS licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct its business in compliance with the Corporations Act 2001,” the regulator said.