Federal Court orders record $300 million penalties in ASIC’s case over ‘egregious’ Union Standard and CFD operator misconduct

26-117MR

civil penalty11 June 2026Penalty $114.10M

Respondent

Maxi EFX Global AU Pty Ltd

Facts

The Federal Court has ordered record penalties totalling $300.2 million against collapsed contracts for difference (CFD) issuer Union Standard International Group Pty Ltd (Union Standard) and its former authorised representatives for systemic unconscionable conduct and other contraventions of the law between 2018 and 2020.

Outcome

ASIC civil penalty of $114,100,000 — Maxi EFX Global AU Pty Ltd (trading as EuropeFX), a former authorised representative of Union Standard, for systemic unconscionable conduct and other contraventions in selling CFDs (2026-06-11). The Court also made an adverse publicity order against it, permanently restrained it from carrying on a financial services business, and ordered it to refund customers' net deposits. Union Standard ($156.7 million) and TradeFred ($29.4 million) were separately penalised. The orders were temporarily stayed until 13 July 2026. See the ASIC source for the full terms.

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Read the source

https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-117mr-federal-court-orders-record-300-million-penalties-in-asic-s-case-over-egregious-union-standard-and-cfd-operator-misconduct

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