The Australian Securities and Investments Commission (ASIC) announced this Tuesday that it has suspended the Australian financial services (AFS) licence of Financial Options Pty Ltd, a Queensland-based financial services provider.
Тhe Australian financial services (AFS) licence of Forex firm Financial Options Pty Ltd has been suspended by the Australian Securities and Investments Commission. The license of the Queensland-based financial services provider is suspended until the 26th of February next year due to suspected failure in meeting the requirements and obligations set forth by the Australian authorities.
According to the statement released by the financial watchdog, ““Financial Options did not lodge its accounts and audit report for the year ending 30 June 2018, failed to have a dispute resolution system in place, and did not maintain organisational competence or the resources required to provide the financial services covered by its licence.”
Furthermore, according to the regulator the suspension will give Financial Options the necessary time interval for improving and more importantly addressing the concerns of ASIC in its organisation, human resources and compliance. However, if the company is unable to abide by the obligations in a satisfactory manner, then the Australian authorities will take into consideration the potential cancellation of the license once the suspension period comes to a close.
This action by the Commission comes in the wake of a bigger wide-reaching initiative of improving the standards in the financial service industry. Financial Option Pty Ltd is only one of the latest in a long list of firms which have been under the radar for not meeting the requirements of the AFS licence.