Who has topped Australia in terms of the most complaints received for a derivatives or securities provider? According to data provided by the Australian Financial Complaints Authority (AFCA), that title goes to none other than KP International Group Australia.
According to AFCA’s Datacube, for the period ranging from the 1st of July 2019 until the 31st of December 2019, KP International Group Australia Pty Ltd, a managed discretionary account operator received the most complaints from Australian consumers – topping the list with 245 complaints, with 0 resolutions.
Not far behind KP International is Forex Financial Services Pty Ltd, a foreign exchange (forex) dealer, which has managed to accumulate 162 complaints and no resolutions.
The issue with Forex Financial Services seems to be a bit more complicated. As , AFCA previously warned that it was receiving a high volume of complaints regarding the FX dealer.
However, the company responded to the complaints by stating that a clone firm had fraudulently copied its company name and Australian license details and is accepting customers money through its online trading website. The matter was referred to the (ASIC).
According to AFCA, firms that have received four or more complaints during the selected period appear in the AFCA Datacube, which displays the number of complaints AFCA received about each firm, their business size, and statistics about how they handled and resolved complaints.
Well-known brokers make AFCA’s list
Coming in fourth, fifth and sixth place in terms of the most complaints received is Stockbroking Limited, Plus500au Pty Ltd and IG Markets Limited, respectively, each having 23, 22 and 19 complaints.
Also making the list is forex broker ACY Securities Pty Ltd, with 11 complaints, Pepperstone Group Limited with 10 complaints and Forex Capital Trading, which also has received 10 complaints from Aussie residents.
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