The Australian Securities and Investment Commission (ASIC) has today announced the suspension of the Sydney-based Australian Financial Services (AFS) firm Traders4Traders Pty Ltd, citing its failure to comply with obligations related to its financial services license with the regulator.
AFS Licensees are required to file annual audited financial statements with ASIC to demonstrate financial adequacy. The regulator said it found that Traders4Traders failed to advise ASIC in writing within 10 business days of becoming aware of its failure to lodge the required financial statements, auditor reports, and auditor opinions over consecutive years, which is a breach of both legal and license conditions, according to ASIC.
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Traders4Traders provides general financial product advice, and is authorised to deal in foreign exchange contracts, with its chief focus being on FX trading education and training. According to the ASIC update, the regulator said that the license is suspended until April 21 2016, and if it doesn’t lodge the relevant financial statements ASIC may consider cancelling their license.
The forex educator has the right to appeal to the administrative appeals tribunal for a review of ASIC’s decision, according to the ASIC press release.
A check of the company’s website shows that Traders4Traders (under the url T4Tcapital.com) offers a range of educational programs for FX Traders, including an IB and affiliate program offering, and has offices in London, New York and Sydney with its website in multiple languages. It’s not clear why the company failed to file the required documents with the regulator, Finance Magnates reporters reached out to the company’s Sydney office via phone and was unable to reach anyone around time of publication for comments.