ASIC has suspended the Australian financial services (AFS) licence of JB Markets Pty Ltd (JB Markets) until 30 April 2024 for failing to:
- comply with the financial requirements of its AFS licence; and
- have adequate resources to provide the financial services covered by the licence and to carry out supervisory arrangements.
The licence suspension means that JB Markets (and its representatives) cannot provide financial services unless it is for the purpose of terminating existing arrangements with clients.
The licence suspension includes a provision that requires JB Markets to continue as a member of the Australian Financial Complaints Authority, with arrangements for compensating retail clients to continue including the holding of professional indemnity insurance cover.
JB Markets may apply to the Administrative Appeals Tribunal for a review of our decision. The suspension took effect on 8 November 2023.
ASIC imposes financial requirements upon AFS licensees to help ensure that they have sufficient financial resources to conduct their business in compliance with financial services laws. The requirements provide important consumer protections in seeking to reduce the risk of a disorderly wind-up, in the event the business fails.
JB Markets has held AFS licence number 323182 since 8 July 2008. The licence authorises JB Markets to provide financial product advice, deal in financial products, make a market in financial products and operate custodial or depository services for retail and wholesale clients.