Complaints to ASIC and IFSC

Complaints to ASIC and IFSC

According to the Australian regulator ASIC, the system for accepting claims for consideration is somewhat different. Firstly, the regulator does not send the trader to the Ombudsman or to the courts. On the contrary, ASIC indicates that about 20 thousand claims of private clients against any financial structures (including brokers) are examined annually. But on the other hand, the complaint scheme is confusing. The first page to get you started with your complaint policy is asic . gov . au / about – asic / contact – us / how – to – complain /. Next, you need to follow the links or watch a video on how to file a claim. True, the video did not clarify the situation, and it also failed to find a form for filling.

The offshore regulator of Belize IFSC is also very popular among European brokers. But he has the same problem as the ASIC. There is not a word on the regulator’s website on how to file a complaint or where to find a form to fill out. There is only an email address. And sending claims using it without a model obviously means almost 100% lack of result.

  • I think you noticed how dramatically the capabilities of offshore and little-known regulators differ in comparison with those whose name is associated with an almost impeccable reputation. And although there is no guarantee of returning money to a private trader, reliable regulators manage to see potential broker problems in advance. And this already partially removes risks from the trader.

Conclusion Attempts to solve the problem with the broker in the judicial sphere are likely to be doomed to failure due to the lack of direct legislative norms and levers of legal influence on the broker (although it is worth recognizing that there are cases of going to court). The regulator and chargeback remain the last chance to return your money in case of a non-return. It is far from the fact that a complaint against a broker will help solve the problem. But in any case, it will be a signal to the regulator about potential problems. Indeed, if there are only one complaint, the regulator will ignore them. And if there are thousands of them, then this is an occasion to take action. Therefore, if you are confident in your abilities, have on hand the evidence of the validity of the claim and could not resolve the dispute with the broker, try to defend your interests. A regulator is just a supervisor

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