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The Financial Commission expelled Brex Capital on 19 October, citing repeated failures to meet its rules and guidance. The action applies to the broker under its current brand as well as its former name, QRS Global.
The organisation has not identified the specific requirements it says were breached. Its decision removes the broker from the Commission's membership, rather than making a determination about its regulatory licences.
Commission cites repeated rule breaches
The membership began in September 2025, when the firm was still operating as QRS Global. After changing its name, Brex Capital continued promoting the affiliation to clients, including the ability to use independent dispute resolution and seek compensation of up to €20,000 per complaint.
Expulsion removes access to that Commission scheme. The broker had presented membership as a client benefit after the rebrand, as Finance Magnates reported.
Rebrand left account continuity intact
Brex Capital, an Asia-focused CFD and forex broker, adopted its current name in August 2026. The company characterised the change as following an acquisition by an international investment group. Its new CEO, Sophie Squillacioti, said ownership and branding had changed, while QRS Global's trading infrastructure, services and operations carried on. A company representative said existing QRS Global clients could keep using their accounts under the Brex Capital name without registering again. Visitors to the former QRS site were sent on to Brex Capital.
The broker states that the Financial Sector Conduct Authority (FSCA) has authorised its South African entity. A separate listing on the Brex Capital site gives a Mwali International Services Authority (MISA) licence in Comoros, number T2023349. MISA's register still identifies QRS GLOBAL LLC as the licence holder and labels the licence active.
The integration question
The Commission has not connected its decision to the ownership change or the difference between the name on the broker's website and the MISA register. Its action concerns access to its dispute-resolution and compensation scheme; it does not establish a change in licence status.
For operations teams, the immediate checks are whether client-facing materials still describe Commission membership, which entity and brand appear in account records, and what route clients should use for disputes now. Teams responsible for client servicing can also check whether legacy account records and support instructions point customers to the right dispute process.
They should establish what membership claims remain on client-facing pages and what escalation route clients are now given. The source does not specify whether the expulsion requires changes to account systems or client workflows, or how complaints should be handled instead, so those points remain questions to confirm with the broker.
