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.