The ASIC Has Flagged These Brokers. What This Means for You

If any of the brokers on this list sounds familiar, don’t get better acquainted with them–at least in the sense of opening an account. These brokers have all been flagged by the ASIC, the main financial regulatory agency in Australia. 

To earn a place on this list, these brokers must have done something worthy of suspicion. Therefore, it’s safe to say that you should stay away from these brokers or if you have an account with them, try to get a full withdrawal. 

Broker Complaint Registry updates this list regularly to keep the public informed. We have aggregated listings of regulators around the world to provide a comprehensive guide for avoiding scam brokers.

Australian Securities and Investments Commission (ASIC)

The ASIC is a private body established by The Australian Investment and Securities Act of 2001. Although it is independent of the Australian government, it works with the government to regulate financial markets and enforce the rules and regulations governing all of Australia’s financial services. The ASIC acts as a watchdog and alerts the public about suspected scams and takes disciplinary action against problematic financial services.

Why Were These Brokers Flagged by the ASIC?

The following are the most frequently occurring reasons for ASIC warnings. 

  • Unlicensed
  • Misleading claims
  • Clone broker
  • Non-compliance
  • Numerous customer complaints
  • Legal action against the broker

The brokers on this list may not have a license at all, could make false claims of licensing or be operating with an expired or revoked license. In  many cases, they are called out for services they offer in areas where they don’t have a license to operate. 

It’s quite common for brokers to make misleading claims and insist their customers will make a specific amount of money every day, week or month. No broker can make such guarantees and this behavior merits being flagged by the ASIC. 

Brokers who don’t comply with rules and regulations may get flagged by the ASIC for non-compliance. This can be suspicion of breaking national laws or violating rules required by the regulator. 

If a large number of customers complain about a broker, that’s a quick ticket for ending up on this list. In addition, if a broker is involved in a serious legal dispute or is suspected of being insolvent, the ASIC will issue a warning.

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

We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with any of these flagged brokers, close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts.