What has happened
ASIC has suspended the Australian financial services (AFS) licence of GFA Capital Markets Ltd (AFS licence 398104) for five months. The suspension runs from 23 July 2026 to 18 December 2026.
What ASIC found
Following an administrative hearing, ASIC found that GFA Capital Markets:
- failed to properly separate client money into a designated client money account
- mixed non-client money with client money
- breached reporting obligations under the ASIC Derivative Transaction Rules (Reporting) 2024
- lacked adequate systems and controls to comply with financial services laws
- did not have adequate financial resources, technological systems or staffing
What GFA can do during the suspension
During the suspension period, GFA Capital Markets is permitted to operate only for three limited purposes:
- maintaining its membership with the Australian Financial Complaints Authority (AFCA)
- holding professional indemnity insurance
- complying with written notices issued by ASIC
What happens before the suspension ends
Before the suspension ends on 18 December 2026, GFA must demonstrate to ASIC that it has improved its compliance, client money handling and reporting processes. If ASIC is not satisfied, it can extend the suspension or cancel the licence entirely.
Broader context
This action arose from ASIC's industry-wide review of 52 licensed CFD issuers. That review had, as of January 2026, secured the return of nearly $40 million to more than 38,000 retail investors.
Key actions
- If you have funds or open positions with GFA Capital Markets Ltd (AFS licence 398104), check your account status - the firm is suspended and can only operate in a very limited capacity until 18 December 2026.
- If you have a complaint about GFA Capital Markets, complaints can be lodged with AFCA - GFA is required to maintain its AFCA membership during the suspension period.
- The current licence status of any CFD issuer or financial services provider can be verified on ASIC's Professional Registers at asic.gov.au.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.