AFCA to no longer consider complaints about Forex CT
The Australian Financial Complaints Authority (AFCA) has provided an update to consumers about Forex Capital Trading Pty Ltd (Forex CT).
Consumers who have a complaint about the actions of Forex CT were able to lodge a complaint while the broker remains a member of AFCA. This means, unfortunately, that complaints made after 3 August 2021 cannot be considered by AFCA.
AFCA is an independent dispute resolution service. Its services are free to consumers, and consumers do not need to be represented to lodge or pursue a complaint at AFCA. Consumers can contact AFCA for assistance with submitting a complaint.
Let’s recall that the Australian Securities and Investments Commission (ASIC) has taken action against the financial firm.
After its investigation, ASIC has cancelled Forex CT’s Australian Financial Services Licence (AFSL number 290108) and has obtained orders restricting the transfer of any property, including client funds, overseas without first obtaining ASIC’s written approval.
The regulator also ordered Forex CT to pay a $20 million penalty for engaging in systemic unconscionable conduct, paying conflicted remuneration to its team leaders and account managers and failing to act in the best interests of its clients.
ASIC has also banned Mr Steven Marsh, a former employee of Forex CT, in June 2020 from providing financial services for a period of three years.
The regulator also banned Forex CT sole director Shlomo Yoshai from engaging in financial services for 10 years, former team leaders Jarrod Popuard for six years and Benjamin Esler for four-and-a-half years, and former account managers Huy Minh (Andy) Hoang for five years and Andrew Tran for three years.