ASIC Flagged Brokers

Don’t get better acquainted with any of the brokers on this list—at least not in the sense of opening an account. The primary financial regulatory body in Australia, ASIC, has alerted us to all of these brokers.

These brokers had to have done something dubious in order to be listed here. It’s safe to conclude that, if you have an account with any of these brokers, you should try to get a full withdrawal or avoid doing business with them.

To keep the public informed, Broker Complaint Registry updates this list on a regular basis. We have compiled a global list of regulators to offer a thorough manual on how to steer clear of scammers.

Australian Securities and Investments Commission (ASIC)

The Australian Investment and Securities Act of 2001 formed the private organization known as ASIC. Even though it is separate from the Australian government, it collaborates with it to control the financial markets and uphold the laws and policies that apply to all Australian financial services. As a watchdog, the ASIC notifies the public about alleged scams, discipline troublesome financial services, and conducts surveillance.

Why Were These Brokers Flagged by the ASIC?

ASIC warnings most commonly occur for the reasons listed below.

  • Unauthorized
  • False assertions
  • Broker for clones
  • Failure to comply
  • countless grievances from clients
  • Taking legal action against the broker

The brokers on this list might not even be licensed, they might be operating under a suspended or revoked license, or they might make misleading claims to be licensed. They are frequently criticized for providing services in places where they lack the necessary licenses to do so.

Brokers frequently promise their clients they will make a certain amount of money each day, week, or month by making false claims. Such promises are unattainable by any broker, and the ASIC should take notice of this conduct.

Brokers that violate policies and procedures risk having their ASIC registration revoked. This could be a suspicion of infringing national laws or regulator-mandated rules.

It’s easy to find yourself on this list if a broker receives a lot of complaints from clients. ASIC will also issue a warning to a broker if they are suspected of being insolvent or are embroiled in a major legal conflict.

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If You’ve Lost Money to Any of These Brokers, Talk to Us

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