Updated 2 December 2019: List updated to reflect 5 members who have since paid
Revised 13 September 2019: List updated to 28 members
The Australian Financial Complaints Authority has today named 29 financial firms who have failed to pay complaint-related charges, breaching AFCA membership requirements.
AFCA members are required by law to pay a membership levy, along with fees for every complaint received about them.
The 29 members owe AFCA a total of $1.715 million in outstanding charges.
AFCA has made numerous attempts to contact the financial firms to recover the amounts owing.
AFCA is required as part of its public reporting requirements to publish the names of non-compliant members.
List of financial firms with debt owing as at 31 August 2019
- AGM Markets Pty Ltd - $483,200.00
- Direct FX Trading Pty Ltd - $397,570.00
- Berndale Capital Securities Pty Ltd - $364,230.00
- Equitable Financial Solutions Pty Ltd - $157,755.00
- Jade Capital Partners - $156,192.00
- Dover Financial Advisers Pty Ltd - $46,200.00
- Fair Loans Foundation Ltd - $17,520.00
- QWL Pty Ltd - $16,515.00
- Bl Wealth Group - $13,455.00
- Red Summit Trading Partners Pty Ltd - $13,240.00
- Sterling Debt Advisory Pty Ltd - $9,490.00
- Ferratum Australia Pty Ltd - $7,865.00
- Tram Le Anh Tran - $7,770.00
- Centennial Money Pty Ltd - $2,890.00
- Halifax Investment Services Ltd - $2,800.00
- Southside Lending Services Pty Ltd - $2,730.00
- Coastal Mercantile Pty Ltd - $2,540.00
- Kingston Capital Services Australia Pty Ltd - $1,880.00
- Treker Pty Ltd - $1,855.00
- Lantern Finance Pty Ltd - $1,800.00
- Ahamed Mohamed Ali - $1,800.00
- Australasia Wealth Services And Management Pty Ltd - $1,500.00
- Qsmart Securities Pty Ltd - $1,090.00
- Austplan Pty Ltd - $900.00
- In House Finance Group Pty Ltd - $740.00
- JKM Advice Pty Limited - $350.00
- MacKellar Financial Services Pty Ltd - $350.00
- Dynamic Vehicle Solutions Pty Ltd - $240.00
Members who have since paid (updated 2 December 2019):
- Kingston Capital Services Australia Pty Ltd - $1,880.00
- Ferratum Australia Pty Ltd - $7,865.00
- Coastal Mercantile Pty Ltd - $2,540.00
- Qsmart Securities Pty Ltd - $1,090.00
- In House Finance Group Pty Ltd - $740.00
Published: 2 September 2019
Media enquiries media@afca.org.au
About AFCA
The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.
