Broker News

Happy New Year 2015

Happy New Year 2015 from Best Online Brokers Australia

We are already in 2015 which will be an exciting year for Best Online Brokers Australia.

We launched this new web site in December 2014 and many thanks to those already following our new web site, and on Twitter and Facebook.
We’ll have some fantastic new brokers, offers, trading instruments and much more coming in Q1 2015.

In the meantime I’ll leave you with a couple of great quotes to consider…

“Learn from yesterday, live for today, hope for tomorrow”
~~ Albert Einstein

“The bad news is time flies. The good news is you’re the pilot”
~~ Michael Altshuler

Wishing everyone a very happy, healthy and prosperous 2015 🙂

Broker News

Interactive Brokers to Refund $1.5 Million in Fees & Commissions in Australia

Australian customers of Interactive Brokers (NASDAQ:IBKR) will be reimbursed with the fees and commissions paid to the brokerage for retail margin loans during the period between July 2010 and August 2013.

The Australian Securities and Investments Commission (ASIC) has issued an announcement outlining that Interactive Brokers is preparing to refund more than 3,000 of its Australian customers with the fees and commissions paid to the broker for retail margin loans.
 
Interactive Brokers Australia

Interactive Brokers Australia

The company will refund around $1.5 million to its customers, in addition to paying $100,000 to the Financial Rights Legal Centre, a community legal centre specialising in educating the Australian public on financial services matters.

Interactive Brokers has been engaged in a voluntary undertaking with ASIC since August 2013 when it agreed not to issue nor increase any new or existing margin loans. The company has also wound down its facilities and is currently not offering margin lending facilities to ‘natural person’ clients in Australia.
 
ASIC

ASIC Regulation of Margin Lending

The regulation of margin lending began on January 1st, 2010, with the introduction of the Corporations Legislation Amendment Act, which required issuers of margin lending to be regulated by ASIC through an Australian financial services licence (AFSL). In addition, under the Australian regulatory environment, every client’s creditworthiness has to match his risk profile.

PricewaterhouseCoopers will be reporting on its verification of the refund process to ASIC and IB.

– Read the full ASIC announcement at: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-336mr-asic-investigation-leads-to-interactive-brokers-refunding-15-million-to-australian-customers/

Broker News, FOREX

ASIC surveillance prompts FX provider to enhance compliance procedures

Following an ASIC surveillance, Calibre Investments Pty Ltd will implement changes to the way it offers FX 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.
Source: ASIC Monday 8 December 2014

Read the full story on ASIC web site