de | cn | ru
Forex

Market News

AFCA: The new EDR for all Australian forex brokers

The federal executive government of Australia announced it will introduce a comprehensive package of measures to strengthen the accountability and competition in the country’s financial system. These include setting up of a single external dispute resolution (EDR) body for the financial services companies – the Australian Financial Complaints Authority (AFCA).

 

According to a document published on the site of the Australian Treasurer Scott Morrison, AFCA will replace the two existing EDR authorities, approved by ASIC - the Financial Ombudsman Service and the Credit and Investments Ombudsman. All financial firms that deal with consumers, including forex and CFD brokers, will be required by law to be members of AFCA.

 

The task of the new one-stop shop will be to deal with all financial disputes, substantially improving outcomes for individuals and businesses and ensuring that consumers have access to free, fast and binding dispute resolution. The initial plans for AFCA envisage a monetary limit of AUD 1 million and a compensation cap of at least AUD 500,000 for financial disputes.

 

The AFCA will be under the oversight of the Australian Securities and Investments Commission (ASIC), which will require financial firms to report on their internal dispute resolution activity.

 

Australia has become a popular forex hub due to the well-balanced regulation of financial service providers. The Australian watchdog exercises effective supervision and applies certain to licensed brokers such as a minimum capital requirement of AUD $ 1 million, reporting standards and the obligation to keep client money in segregated accounts. The only thing that seems to be missing is a compensation scheme in case a regulated company becomes insolvent.

TAGS: Australia  regulation  ASIC  dispute resolution 

Related forex news

Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Seychelles FinaCom MT4 $10 Review Website

More Forex Market News

FinaCom accepts forex broker Carrax as member

Sep 21 2017 09:31:16

 The Financial Commission (FinaCom), the independent external dispute resolution (EDR), whose members include forex, CFD, binary options brokers and cryptocurrency markets, announced it has accepted the offshore forex broker Carrax as its member. Read more

Hong Kong's SFC warns of forex broker Escuela Trades

Sep 14 2017 09:51:58

Hong Kong's financial markets and services providers regulator, the Securities and Futures Commission (SFC) has warned that the forex broker Escuela Trades is not licensed. Read more

Belize's IFCS warns of forex broker RealMarketsLive making false claims

Sep 13 2017 08:30:26

 The International Financial Services Commission of Belize (IFSC) has issued a warning that the company Real Market Ltd. is making false regulatory claims.   The company claims its business address is in Oslo, Norway, and operates the forex brokerage RealMarketsLive (realmarketslive.com). Read more

Forex

CySEC licenses ApmeFX forex broker

Sep 12 2017 07:11:59

 The Cyprus Securities and Exchange Commission (CySEC) announced it has granted a license to yet another would-be forex broker – ApmeFX.   The company Apme FX Trading Europe is based in Limassol and its registered website is apmefx.com. Read more

Spain's CNMV warns of Cursodeforex trading signals provider

Sep 11 2017 09:01:02

 Spain's financial markers and services providers regulator CNMV has issued a warning against the trading signals provider Cursodeforex.es. Read more

CySEC licenses forex broker Wonderinterest Trading

Sep 08 2017 10:05:32

 The Cyprus Securities and Exchange Commission (CySEC) has licensed yet another forex broker – Wonderinterest Trading, shows a publication on the regulator's site. Read more

Canada's BCSC warns of binary options broker 332option

Sep 08 2017 08:54:32

 Canada's provincial regulator, the British Columbia Securities Commission (BCSC) has added the binary options broker 332option to its warning list.   According to the BCSC, the owning company Blueport Investment Services Ltd. Read more

Hong Kong's SFC warns of BNP Forex

Sep 07 2017 10:17:15

 Hong Kong's financial markets and services provider regulator, the Securities and Futures Commission (SFC), has published a warning against the forex broker BNP Forex.   According to the publication, the company is unlicensed and its address belongs to a “business center”. Read more

Italy's CONSOB updates warning list of forex, binary options brokers

Sep 05 2017 09:40:51

 Italy's financial markers and service providers regulator CONSOB has updated its warning list of unauthorized forex and binary options brokers with several new entries. Neither of them are licensed to provide investment services in activities in Italy.   Get Marketing Ltd. Read more

CySEC licenses General Capital Brokers (GCB)

Sep 05 2017 07:20:16

 The Cyprus Securities and Exchange Commission (CySEC) has granted an investment and ancillary services license to the company General Capital Brokers (GCB). Read more

Forex
de | cn | ru