FX education site Traders4Traders has its ASIC license reinstated
I think this will be a great learning experience for many regulated companies.
Back in early February we got a call from ASIC asking us to attend a meeting and explain why we hadn’t submitted our annual audits. Well this was the first we had even heard they hadn’t been completed.
At the meeting I explained we had no idea of the issue and the reasons behind why we didn’t even realize there was an issue. They suspended our license and gave us 3 months to complete the audits and if they were completed in time then the license would be reinstated.
The reasons behind why the annual audits fell behind:
- We had upgraded our office 3 times (to larger premises each time at different addresses) over the past 3 years. We had changed our address online on the ASIC site but it appears there are 3-4 different registers that need to be updated and we didn’t get them all. So all correspondence was going to the wrong location and we never even knew we were overdue.
- We had both an accountant and compliance contractor thinking that the other person was doing the audits when in fact neither was doing anything. It simply slipped through the cracks and ASIC mentioned that this was a common occurrence as most companies outsource these areas and they are often messed up or forgotten.
I’m happy to report the audits have been completed and the license immediately re-instated as we fully complied with all AFSL requirements.
LR: Please let our readers know some more about Traders4Traders and what you do. Is your type of activity regulated elsewhere in the world?
Brad: Traders4Traders was established to fill the void between the banks and retail traders. We identified a lack of ‘experienced’ training in the market and went about correcting a lot of the pitfalls many retail traders make.
So we provide an online Pro Trader Course that provides proper understanding of market structure, explains why prices move and how to trade those price movements. It’s the core foundation knowledge junior traders at banks are taught and it’s essential to a long term trading career. After all anyone can be successful over the course of a week but if you want to be a full time Pro you need the back bone knowledge to get you there.
We also have a range of Advanced Trading strategies to upskill traders knowledge and understanding to allow them to trade certain market set ups.
We spent the last year building a back end system to enable our clients to purchase individual components or the whole bundle, it’s their choice. This provides greater flexibility with the learning process and makes it more cost effective for everyone to get involved.