AxiCorp’s statement on ASIC decision to suspend their AFSL

Source: FinanceFeeds 2020-02-03

“While we respect ASIC’s view, we have appealed the decision to the Administrative Appeals Tribunal (AAT) and will be contending that a suspension was not the correct decision”, AxiCorp says.

Below is AxiCorp’s statement regarding today’s announcement by ASIC regarding their AFS license:

“AxiCorp Financial Services Pty Ltd can confirm that on 2 January 2020 the Australian Securities and Investments Commission (ASIC) made a decision to suspend our Australian Financial Services Licence (AFSL). While we respect ASIC’s view, we have appealed the decision to the Administrative Appeals Tribunal (AAT) and will be contending that a suspension was not the correct decision.

The AAT has “stayed” the operation of ASIC’s decision. This means that the suspension of our AFSL will not have any effect until the AAT has reviewed and finally determined the matter.

Until the process has concluded, our Australian clients are still able to trade as normal and we are still able to service new clients. Clients trading through other AxiCorp entities are unaffected by this decision and can also continue to trade as normal.

We strongly believe that the issues raised by ASIC are generally historical, in many cases self-reported and do not deserve a suspension, which is why we’ve appealed the decision.

AxiCorp has made significant investment in its Australian compliance function and practices to ensure it is appropriate to meet our obligations with reference to the size and complexity of the business.

In fact, we’ve recently commissioned an independent review by a highly experienced and qualified risk management and regulatory compliance expert in relation to ASIC’s concerns. The report (shared with ASIC) made a number of positive observations about AxiCorp’s compliance operations, highlighted some areas that required further work. AxiCorp has completed all of the work required and has taken steps to address the opportunities for further improvement identified by the expert.

AxiCorp entities also remain licenced by top tier regulators, including the UK Financial Conduct Authority (FCA) and the Dubai Financial Services Authority (DFSA), and we take our regulatory obligations in all countries extremely seriously.

We are a well-capitalised company and our clients are consistently the most satisfied with our overall service, including trade execution, compared to our major AFSL entity competitors.

Globally we continue to strong growth in active clients, trading volume and revenue, and are firmly established as a top 10 retail Global FX/CFD Broker – a reflection of the quality and transparency of the award-winning service we provide to our valued clients”.

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AxiCorp’s statement on ASIC decision to suspend their AFSL

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