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AFCA names breaching firms

AFCA names breaching firms

— 1 minute read

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. 

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

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
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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. 

Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.

You can contact her on [email protected].

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