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Complaints about Forex Financial Services raise AFCA’s concerns

Maria Nikolova

The Australian Financial Complaints Authority has received a high volume of complaints against Forex Financial Services Pty Ltd from consumers who are unable to access their funds.

The Australian Financial Complaints Authority (AFCA) today reports that it has received a high volume of complaints against Forex Financial Services Pty Ltd from consumers who have been unable to access their funds via the online trading website.

Although Forex Financial Services is currently an AFCA member, it is unclear if the entity used by consumers to invest funds is also an AFCA member. Forex Financial Services says that it has no connection with the online trading website, and that its company name and Australian licence details have been fraudulently used on that website.

Under AFCA’s Rules, the body does not have the power to carry out the type of investigation required to decide if the financial service provided to customers in this instance has come from an AFCA member. Hence, AFCA has referred this matter to ASIC for review.

AFCA is unable to consider these complaints against Forex Financial Services while ASIC is reviewing this matter.

The dispute resolution scheme encourages any consumer with a concern about accessing their trading funds through Forex Financial Services to refrain from lodging a complaint until ASIC has completed its review.

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