KP International and Forex Financial Services top AFCA’s complaints list

Maria Nikolova

AFCA received most complaints about KP International, Forex Financial Services and Commonwealth Securities Limited among all derivatives & securities services providers between July and December 2019.

The Australian Financial Complaints Authority (AFCA) has updated its Datacube which provides information about complaints received regarding members of the dispute resolution body.

The data for the Derivatives/Hedging & Securities segment shows that, during the period from July 1, 2019 to December 31, 2019, the bulk of complaints was about two firms – KP International Group Australia and Forex Financial Services. AFCA received 245 complaints about KP International in the July-December 2019 period, whereas the number of complaints about Forex Financial Services was 162.

The names of these two entities are probably familiar to FinanceFeeds’ readers, as Forex Financial Services topped the list of Forex dealers that got most complaints in the preceding reporting period (from November 1, 2018 to June 30, 2019).

Regarding KP International, let’s recall that ASIC cancelled the AFS license of KP International effective November 22, 2019.

The Australian Financial Complaints Authority (AFCA) has notified ASIC that it has received numerous complaints from people located offshore regarding a company purporting to be KP International Group Australia Pty Ltd. The complaints have been launched by consumers who have been unable to withdraw funds from their trading accounts.

AFCA explains that it is only able to consider complaints about financial firms that are its members. Although KP International Group Australia Pty Ltd is currently an AFCA member, it is unclear if the entity used by customers is also an AFCA member.

In the period from July 1, 2019 to December 31, 2019, Forex Financial Services continues to be at the lead among FX dealers about whom clients submitted most complaints.

Union Standard International Group topped the list among market makers, whereas Plus500au got most complaints among derivatives dealers.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<