Australian Financial Complaints Authority to launch investigation into Rebl Corp, Digital Rebl and Media Rebl

Maria Nikolova

AFCA has received a number of complaints from small businesses about an agreement to rent CRM software from Rebl Corp, Digital Rebl and Media Rebl.

Australia’s new financial dispute resolution body has earlier today posted some useful information for firms affected by the activities of Rebl Corp, Digital Rebl and/or Media Rebl. 

The Australian Financial Complaints Authority (AFCA) explains that it has received a number of complaints from small businesses about an agreement to rent Customer Relationship Management (CRM) software from two financial firms who are AFCA members. The CRM software was introduced to small businesses by Rebl Corp, Digital Rebl and/or Media Rebl.

Digital Rebl agreed to pay the small businesses an amount equal to the rental cost of the CRM software. However, this business has now stopped trading. The small businesses do not want the CRM software rental agreement to continue.

In response to the complaints, AFCA has established a process to manage these complaints. The Authority will be selecting a lead complaint/s and starting its investigation on the issues raised. Its investigation will explore whether the financial firms can enforce the rental agreements against the small businesses.

In the lead complaint/s, AFCA will ask the parties involved to provide all their information to the body. The information will then be exchanged with the parties. AFCA will then review all the information and make a decision.

The decision made in the lead complaint/s will form the basis of AFCA’s approach to the other complaints received about the CRM software rental agreements.

While AFCA is handling a complaint, the financial firm must not take any action to recover a debt that is the subject of the complaint.

AFCA encourages any small business concerned about a finance agreement they entered when dealing with the Rebl Corp group to contact their financial firm first to allow the financial firm to resolve the complaint directly with them. If the complaint is not resolved, or the small business is in financial difficulty due to any arrangement with the financial firm, the next step is to lodge a complaint with AFCA online, via email or by telephone.

AFCA started its business operations in November 2018. Financial firms including AFS licensees that provide financial services to retail clients, credit licensees, most credit representatives, superannuation trustees and unlicensed product issuers are required by law to join AFCA. Some other firms operating under a licensing exemption may also be required to join the Australian Financial Complaints Authority (AFCA), including firms operating in the regulatory sandbox.

Read this next

Digital Assets

Europe bans crypto payments to Russians as €10K cap scrapped

The European Union is taking further steps to sanction Russia after the recent developments surrounding its invasion of Ukraine.

Digital Assets

Mt. Gox creditors to get their funds through Bitstamp, other exchanges

The distribution of funds to creditors of the defunct crypto exchange Mt. Gox is set to kick off as the business’s Japanese bankruptcy trustee released a memo updating them of a new function and important deadlines.

Institutional FX

Tradeweb’s trading volumes hit $1.20 trillion per day in September

Tradeweb Markets, the online fixed-income trading platform, today reported its operational metrics for the month of September 2022, which has seen continued strong trading volumes so far. A frenzy that, at this pace, puts it on track to set a new record.

Crypto Insider

Cryptocurrency Spoofing: Why Should Investors Care About It?

Investors don’t just care about making more money. They care about their safety and security, too. This is observable in cryptocurrency, where consumers always protect their financial interests. People have developed this habit of fear of falling victim to possible scams and frauds.

Retail FX

FSCS closes London Capital & Finance (LCF) scandal after three years

The Financial Services Compensation Scheme (FSCS) has provided a final date for closing the scheme to compensate investors who lost money in the London Capital & Finance scandal, namely on 31 October 2022.

Institutional FX

Cboe reports highest ADV for FX volume in two years

Cboe’s institutional spot FX platform today announced its trading volume for the month ending September 2022, which marks its third-highest month ever.

Executive Moves

Investall hires ex-DriveWealth Steve Cortright as CEO

Investall is an AI-driven mobile trading platform for personal finance and investing that delivers AI-driven trading for thousands of equities and major cryptocurrencies.

Digital Assets

SIX integrates CryptoCompare’s cryptocurrency data feed

SIX will provide digital asset data to its clients via the same delivery channels as its leading reference, pricing, corporate actions, regulatory, tax and ESG data.

Digital Assets

CME Group to launch reference rates and indices on Avalanche (AVAX), Filecoin (FIL), and Tezos (XTZ)

Several leading crypto exchanges and trading platforms will provide pricing data for these new benchmarks, starting initially with Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

<