Forex Capital Trading situation sparks reaction from AFCA

Maria Nikolova

Consumers can continue to lodge complaints about Forex CT’s conduct and services with AFCA.

The recently launched Australian Financial Complaints Authority (AFCA) has earlier today posted information concerning Forex Capital Trading Pty Ltd (Forex CT). The update from the dispute resolution body is posted less than a week after the Australian Securities & Investment Commission (ASIC) said it had obtained interim orders against Forex CT in the Federal Court. 

Today, AFCA says it is aware that ASIC has obtained orders from the Federal Court against Forex CT and its principal. This means Forex CT cannot currently transfer funds or move assets overseas.

However, apart from this restriction, Forex Capital Trading’s bank accounts are not frozen, and its Australian Financial Services Licence is not suspended or cancelled.

AFCA understands ASIC’s investigations are ongoing and the Federal Court is next likely to consider the proceedings on May 5, 2019.

Given that Forex CT remains a current member of AFCA, consumers can continue to lodge complaints about Forex CT’s conduct and services with the dispute resolution body. AFCA will continue to consider and handle complaints against the financial firm.

Currently, AFCA does not know what impact the current ASIC investigations and the Federal Court proceedings may have on client claims for compensation or AFCA’s investigation of complaints.

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