ASIC’s interim orders against Forex Capital Trading get extended

Maria Nikolova

The orders prohibit Forex CT from transferring any property, including client funds, overseas without first obtaining ASIC’s written approval.

The Australian Financial Complaints Authority (AFCA) has recently updated the information for consumers about Forex Capital Trading Pty Ltd. The company has been investigated by the Australian Securities & Investments Commission (ASIC).

In March 2019, ASIC obtained interim orders against Forex Capital Trading Pty Ltd (Forex CT) in the Federal Court. According to the latest information about the matter, these orders were amended and extended to September 30, 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. 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, the dispute resolution body explains.

Forex CT remains a current member of AFCA. Consumers can continue to submit complaints about Forex CT’s conduct and services with AFCA. The body will continue to consider and handle complaints against the financial firm as timely and efficiently as possible.

At the moment of publication of this article, ForexCT’s website remains operational. ForexCT’s website presents the company as “a leading provider of Forex & CFD trading services”.

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