ASIC Suspends AFS licence of Forex Plus for Six Months

ASIC suspended the Forex Plus’s AFS licence for six months. The regulator said the company had not conducted or provided financial services for some time. The company also did not submit its audited accounts for several years.

28 May, 2020, | AtoZ Markets – Forex Plus Australia Pty Ltd is a financial services provider. The company is located in Bowral, New South Wales, Australia. ASIC (Australian Securities and Investments Commission) authorised it since March 10, 2004. Its AFS licence no is 259763. Moreover, it was allowed to advise and provide Forex contracts for wholesale clients.

Australian regulator ASIC today announced that it suspended the AFS licence of a financial services provider called Forex Plus Australia Pty Ltd for six months. The suspension entered into force on May 5, 2020. The regulator said:

"The suspension of Forex Plus’ AFS licence is part of ASIC’s ongoing efforts to improve standards and maintain public confidence in the financial services industry."

Why Does ASIC Suspend AFS licence of Forex Plus?

Financial services provider, Forex Plus, had not conducted any business for some time. The company also fail to submit its audit account for several years. Under the law, the AFS holder has to submit its audited accounts annually to conduct its business in compliance with the law. So, the regulator suspended the AFS licence rather than cancelling. Under the corporation act, the regulator can suspend or cancel an AFS licence if the licence holder stops to provide financial services for some time. The company can appeal to ASIC’s decision with the Administrative Appeals Tribunal (AAT).

“ASIC suspended rather than cancelled Forex Plus’ licence because the licencee 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 recommence providing financial services,” said the regulator.

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