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Our reference: CAS-31955-F4R7L4

 

Dear Ms Putri

 

We refer to your report of misconduct about My Group Fintech Co Pty Ltd (MGF).

 

We understand you have invested money in a foreign exchange trading account that may be held with MGF, and that recently, your investment account has been depleted.

 

ASIC notes that there are two companies with the same name – one registered in Australia and one in Saint Vincent and The Grenadines.  You should check your investment documentation to see which entity provided the services to you.

 

ASIC has issued a public statement about MGF to assist investors.

 

What you should do

 

Please distribute ASIC’s public statement to other investors that you might be aware of.  At this time, we do not require further investor reports made to ASIC as we have sufficient information to consider the issues raised by investors in relation to MGF.

 

Please note that although ASIC is monitoring the situation about MGF, if your investment documentation states that the services provided to you were provided by an overseas company (i.e. not registered in Australia), then ASIC may not have jurisdiction to take action.

 

Please follow the steps as outlined in ASIC’s public statement, which includes:

 

• Contacting the company directly to raise your concerns;

 

• Contacting the financial services regulator in the country where the entity you dealt with is registered;

 

• Contacting the financial services regulator in the country where you reside, to report your concerns.

 

 

If it appears that the financial services provided to you, were provided by the Australian registered company My Group Fintech Co Pty Ltd, you may consider raising your concerns through the company’s internal and external dispute resolution mechanisms, as outlined in ASIC’s public statement and ASIC’s Information Sheet 174 Disputes with financial firms.

 

ASIC and disputes with financial firms

 

ASIC does not offer dispute resolution services. Our role does not extend to taking action against financial firms on behalf of individuals in relation to their private disputes.

 

Reports such as yours provide us with useful intelligence. We will assess the issues you raised to determine whether regulatory intervention is warranted, however this will likely not assist you in relation to your dispute with the financial firm.  The steps outlined in Information Sheet 174 and ASIC’s public statement are the best way to resolve your dispute.

 

ASIC has released Information Sheet 151 ASIC's approach to enforcement  which sets out information about how we select matters for formal investigation and our law enforcement role. If you require any information on our role as a regulator, or enforcement action taken by us, please visit our website at https://asic.gov.au/.

 

We will record the information you have provided on our internal database to assist us in regulating financial firms. We do not require further information from you.  

 

Please note that you should not expect further communications from us in relation to your report. 

What ASIC is doing

ASIC is closely monitoring developments in relation to MGF, however in line with ASIC's Information Sheet 152 Public comment (INFO 152)  we only comment publicly on our activities in limited circumstances, as doing so may prejudice our inquiries.

ASIC will provide updates on our website on matters affecting investors as public information becomes available through our media centre at https://asic.gov.au/about-asic/news-centre/.

Thank you for taking the time to report your concerns to ASIC.

 

Yours sincerely

 

Misconduct & Breach Reporting