Australian regulator responds to enquiries about My Group Fintech
Clients who invested through another overseas-based entity Managed In Assets (MIA), recently discovered zero balances in their FX trading investment accounts, held with MGF.
The Australian Securities & Investments Commission (ASIC) today confirms that it has been contacted by overseas-based investors about an entity named My Group Fintech Co Pty Ltd (MGF).
ASIC explains that there are two entities with the same name – an Australian registered company, as well as a Saint Vincent and The Grenadines-based company. These entities may be related.
My Group Fintech Co Pty Ltd with ACN 615 855 840 is an Australian financial services licensee headquartered in Sydney. This company holds Australian Financial Services Licence (AFSL) 493603.
My Group Fintech Co Pty Ltd with registration number 24375 IBC 2017, appears to be incorporated in Saint Vincent and The Grenadines. This overseas-based entity claims to be a member of the National Futures Association in the United States of America.
Reports made to ASIC indicated that clients who invested through another overseas-based entity Managed In Assets (MIA), recently discovered zero balances in their FX trading investment accounts, held with MGF.
ASIC notes that it does not have jurisdiction to consider conduct occurring outside of Australia – particularly where both the financial services provider and client are located overseas. For the time being, ASIC is closely monitoring developments in relation to MGF, however the regulator only comments publicly on its activities in limited circumstances, as doing so may prejudice its inquiries.
If the services are provided by an overseas based company, ASIC advises investors to consider:
- Contacting the company directly – using the contact details in your investment documentation or obtained from the regulatory authority where the company is incorporated. For My Group Fintech Co Pty Ltd with registration number 24375 IBC 2017, this regulatory authority may be the St Vincent and The Grenadines Commerce and Intellectual Property Office: www.cipo.gov.vc
- Contacting the financial services regulator in the overseas jurisdiction where the company is registered to see if they may be able to provide information or assistance. The Saint Vincent and The Grenadines Financial Services Authority can be contacted via their website: www.svgfsa.com
- Contacting the financial services regulator in the investors’ country of residence, to report their concerns.
ASIC does not generally have jurisdiction to act where entities offer financial products and services outside of Australia, to non-Australian residents.
If the services were provided by the Australian AFSL holder, an investor may consider:
raising the matter directly with the company via its internal dispute resolution process. Investors can contact MGF at:
- My Group Fintech Co Pty Ltd
- One International Towers Level 35, Suite 15
- 100 Barangaroo Avenue Barangaroo NSW 2000
- Email: [email protected]
If investors are not satisfied with the response they receive from MGF they can refer the matter to MGF’s external dispute resolution provider, the Australian Financial Complaints Authority (AFCA). MGF is a member of AFCA, and AFCA’s services are free to consumers.
Finally, if you have been affected by MGF’s conduct and have not yet lodged a report of misconduct with ASIC, the regulator encourages you to contact it through its website.
