The Australian Financial Complaints Authority (AFCA) has released details of recent member expulsions and confirmed the future loss of membership for Prospero Markets Pty Ltd (In Liquidation).
AFCA stated that Prospero Markets Pty Ltd (In Liquidation) will be expelled from AFCA on 25 March 2026 at 5.00pm Australian Eastern Daylight Time (AEDT). Until that date, the firm must remain a member of AFCA, as specified by the Australian Securities and Investments Commission (ASIC).
Prospero Markets licence cancellation and winding up
ASIC cancelled the Australian financial services (AFS) licence of over-the-counter (OTC) derivatives issuer Prospero Markets Pty Ltd (in liquidation) effective from 25 September 2024. Prospero’s AFS licence had previously been suspended in December 2023 after the firm failed to lodge its 2023 audited financial accounts.
Following an application by ASIC, the Federal Court ordered on 11 April 2024 that Prospero be wound up on just and equitable grounds and that liquidators be appointed. Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee is being wound up or if the licensee has ceased to carry on a financial services business.
AFCA member expulsions
In accordance with resolutions made by the AFCA Board of Directors on 24 February 2026, AFCA has expelled a large number of members for various reasons. AFCA reported that 778 members have been expelled for a failure to pay monies owed to the company. A further 21 members have been expelled due to the members being insolvent.
AFCA also confirmed that two members have been expelled for ceasing to be duly authorised, licensed, or to carry on business in the industry. The announcements outline the range of compliance and solvency-related issues that can lead to the loss of AFCA membership.
