ASIC has taken action against the financial firm
On 12 March 2019, the Australian Securities & Investment Commission (ASIC) obtained interim orders against Forex Capital Trading Pty Ltd (Forex CT) in the Federal Court. On 31 May 2019, these orders were amended and extended to 30 September 2019.
The orders mean that Forex CT cannot currently transfer any property, including client funds, overseas without first obtaining ASIC’s written approval.
ASIC’s investigations into Forex CT are ongoing
As explained above, the current Federal Court orders restrict Forex CT’s ability to transfer property overseas.
However, apart from this restriction, Forex Capital bank accounts are not frozen, and its Australian Financial Services Licence (AFSL number 290108) is not suspended or cancelled.
AFCA understands ASIC’s investigations are ongoing.
Forex CT remains a current member of AFCA
Forex CT remains a current member of AFCA.
What this may mean for complaints
Consumers can continue to lodge complaints about Forex CT’s conduct and services with AFCA.
AFCA will continue to consider and handle complaints against the financial firm 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.
We will keep you updated
AFCA will keep you up to date as we become aware of new information about FCT 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: firstname.lastname@example.org