Australian regulator suspends license of Forex Plus

Maria Nikolova

ASIC suspended Forex Plus’ licence after the regulator became aware that the firm had not been providing financial services for some time.

The Australian Securities and Investments Commission (ASIC) today announces that it has suspended the AFS licence of NSW-based financial services provider Forex Plus Australia Pty Ltd. The suspension is for six months and entered into force on May 5, 2020.

ASIC explains that it suspended Forex Plus’ licence after it became aware that the firm had not been providing financial services for some time. Under the Corporations Act, ASIC is allowed to suspend or cancel an AFS licence if the licensee has ceased providing financial services.

In addition, Forex Plus has failed to lodge its audited accounts for a number of years. Under the law, AFS licensees are required to lodge their audited accounts annually to demonstrate that they have adequate resources to provide the services covered by their licence and to conduct their business in compliance with law.

ASIC says it stopped short of cancelling Forex Plus’ licence because the licensee has indicated that it may recommence providing financial services. Forex Plus will be required to lodge its audited accounts during the suspension period if it intends to restart providing financial services.

Forex Plus has the right to appeal to the AAT for a review of ASIC’s decision.

Forex Plus has held AFS licence no. 259763 since March 10, 2004. It was authorised to provide advice and make a market for Forex contracts for wholesale clients.

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