ASIC responds to investor concerns about My Group Fintech Co Pty Ltd

12 June 2019

ASIC has received enquiries from overseas-based investors about an entity named My Group Fintech Co Pty Ltd (MGF). There appears to be an Australian registered company, as well as a Saint Vincent and The Grenadines-based company with the same name. These entities may be related.  Reports made to ASIC indicated that clients who invested through another overseas-based entity Managed In Assets (MIA), recently discovered zero balances in their foreign exchange trading investment accounts, held with MGF.

Background

My Group Fintech Co Pty Ltd with ACN 615 855 840 is an Australian financial services licensee headquartered in Sydney. This company holds Australian Financial Services Licence (AFSL) 493603.

My Group Fintech Co Pty Ltd with registration number 24375 IBC 2017, appears to be incorporated in Saint Vincent and The Grenadines.

ASIC’s role

We regulate Australian companies, financial markets, financial services providers and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit.

As the financial services regulator, we license and monitor financial services businesses operating in Australia to ensure that they operate efficiently, honestly and fairly. We regulate a range of obligations on financial firms and provide information to people to help them make informed investment choices through our Moneysmart website.

ASIC's Information Sheet 174 Disputes with Financial Firms (INFO 174), contains more information.

ASIC does not have jurisdiction to consider conduct occurring outside of Australia – particularly where both the financial services provider and client are located overseas.

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), available from our website, 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/.

Help for investors

If you received advice from a licensed financial adviser there are options available to you.

You should first consult the documentation issued to you when you invested your funds, to confirm which entity provided the services to you.

If the services were provided by an overseas based company

If you are concerned about advice or financial services you obtained from an overseas-based company, you should consider:

  1. Contacting the company directly – using the contact details in your investment documentation or obtained from the regulatory authority where the company is incorporated. For My Group Fintech Co Pty Ltd with registration number 24375 IBC 2017, this regulatory authority may be the St Vincent and The Grenadines Commerce and Intellectual Property Office: www.cipo.gov.vc
  2. Contacting the financial services regulator in the overseas jurisdiction where the company is registered to see if they may be able to provide information or assistance. The Saint Vincent and The Grenadines Financial Services Authority can be contacted via their website: www.svgfsa.com
  3. Contacting the financial services regulator in your country of residence, to report your concerns.

ASIC does not generally have jurisdiction to act where entities offer financial products and services outside of Australia, to non-Australian residents.

If the services were provided by the Australian AFSL holder

If you are concerned about advice or financial services you obtained from the Australian based AFSL holder, you can consider:

  1. raising the matter directly with the company via its internal dispute resolution process. You can contact MGF at:
    My Group Fintech Co Pty Ltd
    Anthony Best, Director
    Suite 15, Level 35, 1 International Towers
    100 Barangaroo Avenue
    Barangaroo NSW 2000
    Email: info@mygroupfintech.com
    Phone: 02 8114 4449
  2. if you are not satisfied with the response you receive from MGF you can refer the matter to MGF’s external dispute resolution provider, the Australian Financial Complaints Authority (AFCA) https://www.afca.org.au/. MGF is a member of AFCA, and AFCA’s services are free to consumers. You can access additional information about how to complain on ASIC's MoneySmart website; and/or
  3. contacting your current financial advisor or obtaining independent legal advice.

Trouble with debt

If you are having debt and cash flow issues see trouble with debt on ASIC's MoneySmart website.

Lodge a Report of Misconduct with ASIC

If you have been affected by MGF’s conduct and have not yet lodged a report of misconduct with ASIC, we encourage you to contact us through our website at https://asic.gov.au/about-asic/contact-us/how-to-complain/. We use this intelligence to assist us in identifying trends and misconduct by financial services licensees.

 

Last updated: 19/06/2019 04:36