The Australian Financial Complaints Authority (AFCA) today published important information for consumers about Forex Capital Trading Pty Ltd.
Despite the set of actions taken by ASIC against the firm, it remains a current member of AFCA. Forex CT will continue to be a current member of AFCA for 12 months until 3 August 2021.
Consumers can continue to lodge complaints about the conduct and services of Forex CT until 3 August 2021. AFCA will continue to consider and handle complaints against Forex CT as timely and efficiently as possible.
Consumers who have a complaint about the actions of Forex CT can lodge a complaint while it remains a member. Complaints made after 3 August 2021 cannot be considered by AFCA.
Before you complain to AFCA, the body encourages you to complain directly to Forex CT first using their internal dispute resolution process.
As FX News Group has reported, the Australian Securities and Investments Commission (ASIC) has taken action against the financial firm. ASIC has cancelled Forex CT’s Australian Financial Services Licence (AFSL number 290108) and has obtained orders restricting the transfer of any property, including client funds, overseas without first obtaining ASIC’s written approval.
ASIC also has secured an order for Forex CT to pay a $20 million penalty for engaging in systemic unconscionable conduct, paying conflicted remuneration to its team leaders and account managers and failing to act in the best interests of its clients.
The regulator has also banned Mr Steven Marsh, a former employee of Forex CT, in June 2020 from providing financial services for a period of three years. Forex CT sole director Shlomo Yoshai has been banned from engaging in financial services for 10 years, former team leaders Jarrod Popuard has been banned for six years and Benjamin Esler for four-and-a-half years, and former account managers Huy Minh (Andy) Hoang for five years and Andrew Tran for three years.
