Financial Commission expels Brex Capital, formerly QRS Global

The Financial Commission has expelled Brex Capital, formerly QRS Global, after what it describes as repeated failures to meet its membership rules. The 21 October announcement makes the removal effective from 19 October and applies it to the business under both names.[1]

The business joined as QRS Global in September 2025. The Commission now warns that its Compensation Fund cannot reimburse clients following the expulsion. It has not published the individual rule failures.[1]

The body is a private external dispute-resolution organisation funded by broker membership fees. It expressly states that it is not a governmental regulator. Its membership decision therefore concerns that complaints arrangement; it is not a statutory licence revocation. That distinction matters wherever a membership badge has been used to explain a broker’s customer protections.[3]

Earlier complaints have their own rules

The published membership rules preserve rights and obligations for complaints that had begun to be processed before membership ended. They also allow the fund to satisfy an outstanding award when a member leaves before paying it. Those provisions need to be read alongside the expulsion notice rather than assuming that every earlier claim automatically disappears.[2]

The fund covers qualifying awards within its monetary limit; it is not an entitlement to repayment of every customer balance. Its rules also reserve discretion over allocation if available funds are insufficient for multiple complaints. For an existing complainant, the relevant questions are when processing began and whether an award remains unpaid.[2]

Introducing partners should update any description of Brex Capital’s protections that still presents either brand as a current member.[1]

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