Forex TG Pty Ltd (Forex TG) has voluntarily requested that ASIC temporarily suspend its Australian Financial Services (AFS) licence in order to provide it with time to restructure, re-brand and to ensure compliance with its regulatory obligations after changes in ownership, management and strategy.

The suspension does not allow Forex TG to on-board any new clients or allow them to place new client orders. Forex TG will be able to close out any current open client positions. Forex TG will be providing clients with additional information about the suspension, including the steps required to withdraw money from their accounts.

It is expected the suspension will be lifted once Forex TG demonstrate to ASIC that it is ready to recommence its licensed business activities and is able to comply with Australian obligations.

ASIC Commissioner Cathie Armour said, 'We support this type of proactive move by any AFS licensee that recognises it needs time to fully review its operations to ensure compliance with its regulatory obligations. It will also help to ensure that any significant structural or strategic changes do not result in breaches of its obligations which could negatively impact investors.'