Foreign Exchange Regulations
Direct FX’s financial services are highly regulated. We:
• Are authorised to provide our financial services
• Are subject to external audits
• Hold client funds separate from the solvency of the company
• Hold professional indemnity insurance
• Have dispute resolution procedures
Authorisations we hold
The Australian Securities and Investments Commission (ASIC) have issued Direct FX with an Australian Financial Services Licence (AFSL No. 291471). Our AFSL authorises us to provide financial product advice and deal in a financial product. It also sets out financial requirements we must meet.
The New Zealand Financial Markets Authority (FMA) has authorised Direct FX as an Authorised Futures Dealer in New Zealand, as defined by the Securities Act 1988.
External audits we are subject to
Direct FX financial statements are audited annually by PricewaterhouseCoopers and lodged with both ASIC and the FMA. Our AFSL compliance arrangements are subject to external audit.
Holding client funds
Client Funds Accounts are held in accordance with the Australian Corporations Act 2001 and our Terms and Conditions. Client Funds Accounts are held separate to the solvency of Direct FX.
Professional Indemnity Insurance we hold
Direct FX holds professional indemnity insurance pursuant to Section 912B of the Australian Corporations Act. This covers loss or damage suffered by retail clients due to any breaches of our AFSL conditions.
Direct FX has an internal dispute resolution procedure available to all retail clients. We are members of the Financial Ombudsman Service (membership # 14614) and of Financial Services Complaints Ltd (membership # 849).