Forex Financial Services Pty Ltd tops list of Australian FX dealers triggering most AFCA complaints

A total of 297 complaints about Forex Financial Services were brought to AFCA during the period from November 1, 2018 to June 30, 2019.

The Australian Financial Complaints Authority (AFCA), a dispute resolution body which recently marked its first year of operations, today launched a new online tool allowing Australians to see how their insurer, bank, financial adviser, superannuation fund or other financial firm has responded to consumer complaints brought to AFCA.

The comparative reporting tool, called “Datacube”, includes information about the number of complaints received, how long it takes each member firm to resolve complaints and the number of times financial firms did not respond to a complaint. It also allows people to compare financial firms side-by-side.

The Datacube contains AFCA’s data between November 1, 2018 and June 30, 2019 and will be updated every six months.

The FinanceFeeds team played with the new tool, which provides insight into the handling of complaints by online trading companies that are AFCA members too.

Thus, for example, the derivatives dealers list with most complaints is topped by Ingot Brokers (Australia) Pty Ltd, followed by IG Markets Limited, with the third position taken by International Capital Markets Pty Ltd.

Source: AFCA.

Among Forex dealers, the one with most complaints is Forex Financial Services Pty Ltd. Let’s note that Forex Financial Services has earlier sparked AFCA’s concerns. The next two places in the list are taken by TransferWise and Tf Global Markets.

Source: AFCA.

Berndale Capital Securities tops the list of “make a market” firms that were most complained about. During the reporting period, a total of 249 complaints concerning Berndale were brought to AFCA.

Let’s recall that Berndale is among the top three firms with the biggest debt owed to AFCA as of end-August 2019.

In November 2018, ASIC announced the cancellation of the Australian Financial Services (AFS) licence of Berndale Capital Securities Pty Ltd. ASIC has also banned Berndale’s ex-director Stavro D’Amore, of Middle Park, Victoria, from providing financial services for a period of six years. D’Amore was the sole responsible manager and key person on the AFS licence.