ASIC cancels AFS license of Australian online trading and CFDs provider Advamode Financial

Australian financial regulator ASIC has announced that it has cancelled the Australian Financial Services (AFS) license of Queensland-based Advamode Financial Pty Ltd.

Advamode offered a raft of financial services to Australian customers, including online trading with CFDs and Forex instruments.

The cancellation was made at Advamode’s request after the company was placed into liquidation on 4 May 2016. Advamode’s AFS license cancellation formally took effect on June 20, 2016.

The license cancellation and liquidation follow previous ASIC action against Advamode that led to license conditions being imposed on the financial services firm on September 2, 2015.

Clients of Advamode can still lodge a complaint about any advice received from representatives of Advamode. Advamode’s license remains in effect for the purposes of External Dispute Resolution Scheme membership and client compensation purposes. Clients with concerns are encouraged to lodge any complaints as soon as possible.

The ASIC notice re Advamode can be seen here.

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