Probis FX/CFDs Broker: Bankrupt, ASIC Halts License

Probis Financial Services Limited was an online broker founded in 2010 and headquartered in Sydney, Australia. It was regulated by the Australian Securities and Investments Commission (ASIC) and offered a variety of financial products and services, including foreign exchange (FX) margin trading, contract for difference (CFD) trading, and asset management, extending its services to both retail and wholesale clients. The company also holds authorization to function as a trustee for unregistered managed investment schemes exclusively accessible to wholesale clients and to serve as a responsible entity for AAWM - a registered managed investment scheme that caters to retail investors.

Probis was among the first online brokers to offer CFD trading in Australia. It quickly gained a reputation for being a reliable and low-cost broker. However, on 17th July 2023, Probis was placed into voluntary administration, and ASIC suspended its AFS license. This was due to a number of factors, including financial difficulties and concerns about the company's compliance with regulatory requirements.

Effected on the same day of 17th July 2023, Richard Albarran, Brent Kijurina, Cameron Shaw, and Aaron Dominish from Hall Chadwick were appointed as voluntary administrators of Probis, marking a crucial juncture in the company's operational trajectory.

Integral to the suspension terms, Probis remains a member of the Australian Financial Complaints Authority, as arrangements for compensating retail clients are firmly established, ensuring coverage until the conclusion of 30th October 2023.

Notably, preceding its suspension, Probis held a multifaceted license enabling it to offer general advice, engage in specific financial product transactions, maintain a foreign exchange contracts and derivatives market, operate a registered managed investment scheme concerning financial assets, and extend custodial and depository services to both retail and wholesale clients.

In response to ASIC's decision, Probis holds the prerogative to seek a review of this verdict through the Administrative Appeals Tribunal—an avenue for potential recourse that underscores the multifaceted aspects of regulatory decisions.

In conjunction with this news, WikiFX has updated our database regarding Probis' license revocation.

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