ASIC Suspends AFS Licenses of JB Markets and First City

The Australian Securities and Investments Commission (ASIC) announced today that it has suspended the Australian financial services (AFS) licences of two entities - JB Markets Pty Ltd (JB Markets) and First City Corporate Advisory Services Pty Limited (First City), as they failed to meet certain regulatory requirements.

According to the regulator, the AFS license of JB Markets will be suspended until April 30, 2024, for its failure to comply with the financial requirements of its AFS licence and to have adequate resources to provide the financial services covered by the licence and to carry out supervisory arrangements.

The licence suspension includes a provision that requires JB Markets to continue as a member of the Australian Financial Complaints Authority, with arrangements for compensating retail clients to continue including the holding of professional indemnity insurance cover.

As for First City, its license will be suspended until March 27, 2024, due to its failure to lodge its annual financial statements and audit reports.

ASIC noted that if First City has not complied with its outstanding obligations by the end of the suspension period, ASIC will consider cancelling its AFS licence.