AFCA members are required to pay a membership levy along with fees for every complaint received about them.
Under its public reporting requirements, AFCA is obliged to publish the names of its non-compliant members.
The government body said it made numerous attempts to contact the firms to recover the amounts owed.
AGM Markets, which saw its Australian Financial Services License cancelled in November by ASIC, clocked the largest amount owing to AFCA at almost half of $1 million.
The firms and their debt owing to AFCA as at 31 August are as follows:
• AGM Markets - $483,200
• Direct FX Trading - $397,570
• Berndale Capital Securities - $364,230
• Equitable Financial Solutions - $157,755
• Jade Capital Partners - $156,192
• Dover Financial Advisers - $46,200
• Fair Loans Foundation - $17,520
• QWL - $16,515
• BI Wealth Group - $13,455
• Red Summit Trading Partners - $13,240
• Sterling Debt Advisory - $9,490
• Ferratum Australia - $7,865
• Tram Le Anh Tran - $7,770
• Centennial Money - $2,890
• Halifax Investment Services - $2,800
• Southside Lending Services - $2,730
• Coastal Mercantile - $2,540
• Kingston Capital Services Australia - $1,880
• Treker - $1,855
• Latern Finance - $1,800
• Ahamed Mohamed Ali - $1,800
• Australasia Wealth Services and Management - $1,500
• Qsmart Securities - $1,090
• Austplan - $900
• In House Finance Group - $740
• JKM Advice - $350
• Mackellar Financial Services - $350
• Dynamic Vehicle Solutions - $240
• Multipli - $80
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
