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AFCA names breaching firms

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The Australian Financial Complaints Authority has revealed 29 firms that have failed to pay a collective total of $1.7 million in complaint charges, breaching the body’s membership requirements.

AFCA members are required to pay a membership levy along with fees for every complaint received about them.

Under its public reporting requirements, AFCA is obliged to publish the names of its non-compliant members. 

The government body said it made numerous attempts to contact the firms to recover the amounts owed. 

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AGM Markets, which saw its Australian Financial Services License cancelled in November by ASIC, clocked the largest amount owing to AFCA at almost half of $1 million. 

The firms and their debt owing to AFCA as at 31 August are as follows: 

AGM Markets - $483,200

Direct FX Trading - $397,570

Berndale Capital Securities - $364,230

Equitable Financial Solutions - $157,755

Jade Capital Partners - $156,192

Dover Financial Advisers - $46,200

Fair Loans Foundation - $17,520

QWL - $16,515

BI Wealth Group - $13,455

Red Summit Trading Partners - $13,240

Sterling Debt Advisory - $9,490

Ferratum Australia - $7,865

Tram Le Anh Tran - $7,770

Centennial Money - $2,890

Halifax Investment Services - $2,800

Southside Lending Services - $2,730

Coastal Mercantile - $2,540

Kingston Capital Services Australia - $1,880

Treker - $1,855

Latern Finance - $1,800

Ahamed Mohamed Ali - $1,800

Australasia Wealth Services and Management - $1,500

Qsmart Securities - $1,090

Austplan - $900

In House Finance Group - $740

JKM Advice - $350

Mackellar Financial Services - $350

Dynamic Vehicle Solutions - $240

Multipli - $80

AFCA names breaching firms

The Australian Financial Complaints Authority has revealed 29 firms that have failed to pay a collective total of $1.7 million in complaint charges, breaching the body’s membership requirements.

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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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