ASIC surveillance prompts FX fund provider to enhance compliance procedures


Following an Australian Securities and Investments Commission (ASIC) surveillance, Calibre Investments Pty Ltd,  will implement changes to the way it offers managed discretionary forex account services to retail clients. The move is part of ASIC’s crackdown on the FX industry which has resulted in a number of outcomes recently.

ASIC’s surveillance of Calibre, which provides managed discretionary account (MDA) services, raised concerns over the business’s compliance and risk frameworks, their advice to clients and their supervision of representatives.

In response, Calibre has appointed an independent consultant to review its MDA policies and procedures. The independent consultant will report back to ASIC. The group will also provide new statements of advice to all MDA clients and enhance its compliance department.

ASIC Commissioner Cathie Armour said, “FX trading is complex and risky, requiring a significant amount of knowledge, research and monitoring. ASIC expects business in this space to have policies, systems and processes in place that protect the interests of their clients.”

ASIC acknowledges Calibre’s cooperation in this matter.

To read the official press release from ASIC, click here.

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ASIC surveillance prompts FX fund provider to enhance compliance procedures

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