Updated: 11 August 2020

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.

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Information from ASIC

 

21 March 2019            ASIC obtains interim injunctions against Forex CT

5 June 2020                ASIC cancels licence of retail OTC issuer Forex CT

29 June 2020              ASIC bans former Forex CT employee

17 July 2020               ASIC sues Forex CT for unconscionable conduct and conflicted remuneration

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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.

 

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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.

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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.

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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.

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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.

Any questions?

If you have any questions or want more information about lodging a complaint, please

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Previous updates

June 2019

March 2019

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