USGFX remains Australian FX dealer with most complaints, AFCA data shows
The Australian Financial Complaints Authority (AFCA) has completed its six-monthly update of the AFCA Datacube, which makes data on complaints publicly accessible to financial firms and consumers. The update adds data covering firms with four or more complaints in the six months to 31 December 2021.
The data shows that Union Standard International Group Pty Ltd (USGFX) tops the complaints ranking among FX dealers. The company was at the top of the complaints list in the preceding six-month period too. USGFX is currently in liquidation.
In the period from July 1, 2021 to December 31, 2021, USGFX received most complaints (543) among Forex dealers. The second and the third spot in the ranking belong to OzForex (9 complaints) and NIUM (6 complaints).
Among derivatives dealers, Mex Australia was the company with the highest number of complaints (161 complaints), followed by IG Markets (21 complaints) and Plus500au (17 complaints).