de | cn | ru

Market News

ASIC cancels the license of forex broker Berndale Capital

 

The Australian Securities and Investments Commission (ASIC) announced it has cancelled the license of Melbourne based forex and CFD broker Berndale Capital. ASIC found that the broker failed to comply with a number of requirements it has pursuant to Australian laws.

 

First of all, Berndale Capital failed to take reasonable steps to ensure that its representative Stavro D’Amore complied with financial services laws. Besides, the broker failed to provide financial services efficiently, honestly and fairly, to maintain an appropriate internal dispute resolution system, and to comply with the client money reporting requirements, among other things

 

The regulator has also banned Stavro D’Amore, the former director of Berndale, from providing financial services for a period of six years.  ASIC found that Mr. D’Amore was involved in contraventions of financial services laws while not being competent (or adequately trained) to provide such services.

 

The Australian financial watchdog also clarified that the AFS license of Berndale Capital will be in effect until 20 December 2018 for the purpose of finalizing existing client trading accounts. Furthermore, the broker’s license will continue until 23 May 2018, so that Berndale maintains its membership of the external dispute resolution scheme and stays covered by adequate indemnity insurance until this time.

 

Berndale Capital is an Australian forex broker brand belonging to Berndale Capital Securities Pty Ltd. The company was formed in 2012 and offers trading in forex and CFDs popular MetaTrader 4 platform. There are, however, a lot of negative user comments regarding this broker throughout the web and  on our website below the review of Berndale Capital. Most of the people who have expressed their misfortune of dealing with Berndale Capital have opened managed accounts with this broker, and say they have lost their money. They also claim that the broker does not allow withdrawals, nor refunds and never answers the calls of those clients who request such.

 

Previous month AISC has cancelled the license of another OTC derivative issuer, AGM Markets.

 

TAGS: ASIC  Berndale Capital  license cancelled  scam  Australia 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

More Forex Market News

Italy’s CONSOB added GoldmanCFD, WiseBanc, and several other unregulated brokers to its warning list

Feb 18 2019 14:54:49

  Italian financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) updated its warning list with unregulated brokers GoldmanCFD, WiseBanc, FirstBTCfx, and WinCapitalPro on Monday. Read more

UK's FCA updates its warning list with unregulated forex broker K2 Wall Street

Feb 15 2019 13:02:47

  The Financial Conduct Authority (FCA) has updated its warning list with unregulated broker K2 Wall Street (K2WS) on Friday. Read more

Austrian financial regulator blacklisted Tradeinvest90, FX Market Pro, and KontoFX

Feb 14 2019 13:40:05

   The Austrian Financial Market Authority (FMA) added Tradeinvest90 to its warning list on Wednesday. Earlier this month the regulator flagged other two unregulated forex brokers - FX Market Pro and KontoFX. Read more

Italy's CONSOB warns against ProCapitalFX, GameBtcFx, CryptoClubFX and other unregulated brokerage brands

Feb 13 2019 18:28:36

  Italy's financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) has updated its warning list with a bunch of unregulated brokers, including ProCapitalFX, GameBtcFx, and CryptoClubFX. Read more

CySEC blacklisted clones of BogoFinance and FXJET, as well as several other unregulated websites

Feb 12 2019 13:54:14

 The Cyprus Securities and Exchange Commission (‘CySEC’updated its warning list with clones of BogoFinance and FXJET, as well as two brands of unregulated company Algobit Ltd. - Worldwide CapitalFX and Lite Options. Read more

More than 40 brokers lose their IFSC licenses, including Finpro Trading, Fort Financial Services, Top4FX, and ZB Forex

Feb 11 2019 13:17:43

  The International Financial Services Commission of Belize (the “IFSC”) warned the public Finpro Trading, BlueMax Capital, Fort Financial Services, NPBFX, Salma Markets, Top4FX, IFA FX, ZB Forex and 40 more companies have not renewed their forex broker licenses. Read more

ACCC: Australians have lost $926 401 to investment scams in January

Feb 08 2019 13:09:32

  Australians have lost $926 401 to investment scams in January 2019, revealed the latest Scamwatch report issued by the Australian Competition & Consumer Commission (ACCC). Read more

Spain’s CNMV warns against unregulated broker CFX Point

Feb 06 2019 17:02:39

  Spain’s financial watchdog, the Comision Nacional del Mercado de Valores (CNMV), issued warnings against forex broker CFX Point, and several other unregulated financial service providers on Monday. Read more

Italy’s CONSOB blacklists FX Market Pro and FXNobel(s)

Feb 05 2019 11:59:33

  Unregulated CFD brokerages FX Market Pro and FXNobel(s) are the latest additions to the long warning list of Italian financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB). Read more

ESMA renews restrictions on CFD trading, implies closer monitoring

Feb 01 2019 16:25:36

  The European Securities Markets Authority (ESMA) announced on Thursday it is renewing the restrictions on CFDs trading for another three months as of February 1, 2019. Read more

de | cn | ru