ASIC has banned trading group FX Primus from providing services to Australian clients.

The regulator says that none of the entities in the FX Primus group hold an Australian financial services (AFS) licence.

But the company’s website strongly suggested that FX Primus was authorised to deal in financial products in Australia, and was compliant with ASIC regulation.

The website made statements such as, “[FX Primus is] operating under the jurisdiction of the Australian Securities & Investment Commission (ASIC)” and “[FX Primus is] operating under ASIC regulations”.

The website also contained statements and material that, in ASIC's view, specifically targeted Australian investors.

This included the marketing of a sponsorship arrangement with Melbourne City FC

The website said FX Primus was “Melbourne City FC's Official Online Forex Trading Partner”, and for visitors to “keep a lookout in the coming months as we'll have many promotions and giveaways in store for you as part of this partnership”.

ASIC says Australian clients who receive financial services from an entity that is not appropriately licensed may have the right to rescind their agreement with the entity, and may be entitled to recover brokerage, commissions and other fees paid to it.

FXPrimus Australia Pty Ltd was previously a corporate authorised representative of HLK Group Pty Ltd (ACN 161 284 500).

Under that authorisation, FXPrimus Australia Pty Ltd was authorised to provide general advice on behalf of HLK Group Pty Ltd, but the authorisation did not allow FX Primus to deal, issue or make a market in derivatives in Australia.

FXPrimus Australia Pty Ltd has confirmed with ASIC that it is no longer a corporate authorised representative of HLK Group Pty Ltd.

Consumers can check if any other company or individual is licensed by searching ASIC’s professional registers.