ASIC suspends JB Markets AFSL
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services license (AFSL) of CFD and managed accounts player, JB Markets.
ASIC said that the AFSL had been suspended until 30 April, next year, for the company’s failure to comply with the financial requirements of its licence and have adequate resources to provide financial services covered by the licence.
ASIC said the suspension meant that JB Markets and its representatives could not provide financial services unless it is for the purpose of terminating existing arrangements with clients.
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.
ASIC said JB Markets may apply to the Administrative Appeals Tribunal for a review of our decision. The suspension took effect on 8 November 2023.
JB Markets has held AFS licence number 323182 since 8 July 2008. The licence authorises JB Markets to provide financial product advice, deal in financial products, make a market in financial products and operate custodial or depository services for retail and wholesale clients.