On November 16th, the Australian Securities and Exchange Commission (ASIC) announced the suspension of JB Markets Pty Ltd's Australian Financial Services (AFS) license from November 8th until April 30th, 2024.
ASIC explained that the suspension of JB Markets' license is due to the company's failure to comply with relevant financial license requirements and insufficient resources to provide the financial services covered by the license and carry out regulatory arrangements. ASIC also stated that during the license suspension period, JB Markets and its representatives are unable to provide financial services (except for services aimed at ending customers' existing arrangements).
Meanwhile, JB Markets, as a member of the Australian Financial Complaints Authority, is required to continue providing compensation arrangements for retail customers during the license suspension period.
JB Markets has been holding the Australian Financial Services License number 323182 since July 8, 2008. This license entitles JB Markets to provide financial product advice, trading, marketing, and custody or deposit services to retail and large investment clients.
On the same day, ASIC also suspended the financial services license of First City Corporate Advisory Services Pty Limited (First City). The suspension period lasts from October 3, 2023 to March 27, 2024.
