ASIC suspends AFS licence of Red Summit
Australia
- 03/22/2018
- Warning
- Australian Securities and Investments Commission
Detail
ASIC has suspended the Australian financial services (AFS) licence of WA-based Red Summit Trading Partners Pty Ltd (Red Summit) from 7 March 2018.
ASIC found that, due to various staffing changes, Red Summit is not currently carrying on a financial services business. As a licence variation application is pending, Red Summit have been given until 7 September 2018 to ensure, and demonstrate, that they are in a position to meet the requirements of holding an AFS licence and carrying on a financial services business.
If Red Summit is unable to demonstrate that it is in a position to recommence its financial services business, ASIC will consider whether the licence should be cancelled.