The Australian Financial Complaints Authority (AFCA) today announced the details of expelled members, as well as the name of one firm that will lose its membership in the near future.

Prospero Markets Pty Ltd (In Liquidation) will be expelled on 25 March 2026 at 5.00pm Australian Eastern Daylight Time (AEDT).

The Australian Securities and Investments Commission (ASIC) cancelled the Australian financial services (AFS) licence of over-the-counter (OTC) derivatives issuer, Prospero Markets Pty Ltd (in liquidation) effective from 25 September 2024.

Prospero’s AFS licence was suspended in December 2023, after Prospero failed to lodge its 2023 audited financial accounts.

Following an application by ASIC, on 11 April 2024 the Federal Court ordered that Prospero be wound up on just and equitable grounds and that liquidators be appointed. Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee is being wound up or if the licensee has ceased to carry on a financial services business.

ASIC has specified that until 25 March 2026, Prospero Markets must continue to be a member of AFCA.

In accordance with resolutions made by the AFCA Board of Directors on 24 February 2026:

• AFCA has expelled 778 members for a failure to pay monies owed to the company (as per section 3.4(a) of the AFCA Constitution)
• AFCA has expelled 21 members due to the members being insolvent (as per section 3.4(a) of the AFCA Constitution)
• AFCA has expelled two members for ceasing to be duly authorised, licensed, or to carry on business in the industry (as per section 3.4(a) of the AFCA Constitution).