The Australian Financial Complaints Authority (AFCA) has published details of 801 members expelled from AFCA, and identified one additional member that will be expelled on 25 March 2026. The update relates to AFCA membership requirements that apply to financial firms and Authorised Credit Representatives (ACRs) when operating as an Australian Financial Services Licensee, Australian Credit Licensee, superannuation trustee or ACR. Under resolutions made by the AFCA Board of Directors on 24 February 2026, AFCA expelled 778 members for failure to pay monies owed to the company, 21 members due to insolvency, and two members for ceasing to be duly authorised, licensed, or to carry on business in the industry, in each case under section 3.4(a) of the AFCA Constitution. AFCA noted that members are required to pay an annual membership levy and fees for any complaints received about them. Prospero Markets Pty Ltd (In Liquidation) is scheduled to be expelled on 25 March 2026 at 5.00pm Australian Eastern Daylight Time. AFCA indicated that expelled members that are still required by law to be AFCA members can seek reinstatement, which is at the discretion of the AFCA Board (or its delegate) and conditional on rectifying the matters that led to expulsion and meeting any other conditions imposed to address concerns about past conduct.
Australian Financial Complaints Authority 2026-03-19
Australian Financial Complaints Authority publishes details of 801 expelled members and schedules Prospero Markets expulsion on 25 March 2026
The Australian Financial Complaints Authority (AFCA) expelled 801 members, primarily for non-payment, insolvency, or lack of authorization, under section 3.4(a) of the AFCA Constitution. Prospero Markets Pty Ltd is set for expulsion on 25 March 2026. Expelled members required by law to maintain AFCA membership may seek reinstatement upon rectifying issues and meeting additional conditions.