August 3, 2020 | AtoZ Markets – The Australian Financial Complaints Authority (AFCA) has provided an update to clients of Union Standard International Group Pty Ltd, operating as USGFX. As we've previously reported, USGFX has also recently entered into a voluntary administration. Moreover, ASIC has suspended the AFS license of the brokerage firm until 23 September 2020, due to the external administration.
How USGFX clients can lodge complaints with AFCA
Despite the suspension of its AFS license, USGFX's clients can continue to file complaints about the actions of the firm. This is possible because Union Standard International Group Pty Ltd is still a member of AFCA.
Nevertheless, AFCA has stopped processing complaints against insolvent companies. AFCA paused until the Government provides certainty about the scope and timing of a compensation scheme of last resort.
USGFX clients who have a complaint about their actions can lodge a complaint against the financial firm. If they want to find out if a particular company is a current AFCA member, they can search on our website or call them on 1800 367 287.
Time limits to complain
AFCA can generally only consider customers complaint if it is made to AFCA within the earliest of two timeframes, either:
- six years after you first became aware, or ‘should reasonably have become aware’, that you suffered the loss you want to complain about; or
- if you have already complained directly to your financial firm through its internal dispute resolution (IDR) process, within two years of getting a response from your financial firm through that process.
AFCA is an independent dispute resolution service. Their services are free, and consumers do not need to be represented to lodge or pursue a complaint at AFCA. Consumers can contact AFCA for assistance with submitting a complaint.
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