- ASIC has taken action against the financial firm
- Information from ASIC
- The financial firm remains a current member of AFCA
- Making a complaint to AFCA
- Previous updates
ASIC has taken action against the financial firm
After its investigation, the Australian Securities and Investments Commission (ASIC) has
- cancelled Forex CT’s Australian Financial Services Licence (AFSL number 290108)
- commenced civil proceedings against Forex CT and its sole director.
- obtained orders restricting the transfer of any property, including client funds, overseas without first obtaining ASIC’s written approval.
Information from ASIC
21 March 2019 ASIC obtains interim injunctions against Forex CT
29 June 2020 ASIC bans former Forex CT employee
The financial firm remains a current member of AFCA
ASIC required Forex CT’s licence to continue until 31 July 2020. Forex CT will continue to be a current member of AFCA for 12 months until 31 July 2021.
What this may mean for complaints
Consumers can continue to lodge complaints about the conduct and services of Forex CT until 31 July 2021. More information about Making a Complaint to AFCA is below.
AFCA will continue to consider and handle complaints against Forex CT as timely and efficiently as possible.
At this stage, we do not know what impact the current ASIC investigations and the Federal Court proceedings may have on client claims for compensation or AFCA’s investigation of complaints.
Making a complaint to AFCA
Consumers who have a complaint about the actions of Forex CT can lodge a complaint while it remains a member. Complaints made after 31 July 2021 cannot be considered by AFCA.
Before you complaint to AFCA, we encourage you to complain directly to Forex CT first using their internal dispute resolution process.
AFCA is an independent dispute resolution service. Our 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.
Time limits to complain
Further, AFCA can generally only consider your complaint if it is made to AFCA within the earliest of two timeframes, either:
- six years after you first became aware, or ‘should reasonably have become aware’, that you suffered the loss you want to complain about; or
- if you have already complained directly to your financial firm through its internal dispute resolution (IDR) process, within two years of getting a response from your financial firm through that process.
We will keep you updated
AFCA will keep you up to date as we become aware of new information about Forex CT that may affect complaints.
Please check this webpage regularly.
If you have any questions or want more information about lodging a complaint, please
- call: 1800 931 678
- email: email@example.com