Ayers Alliance Financial Group Ltd review.

Overview

Ayers Alliance Financial Group Ltd is a Cyprus Investment Firm, company registration number HE 315127, authorised by the Cyprus Securities and Exchange Commission under licence 230/14 since 26 March 2014. Its previous name, recorded on the same CySEC entry, was Harborx Ltd. The single domain CySEC approves for it is aafg.co. [CySEC]

Read that entry to the end, because CySEC prints the rest of the sentence in red. Beside the licence number the register says the firm is “(Under examination for voluntary renunciation of the authorisation)”. Ayers Alliance is not being marketed to you. It applied to hand its own licence back, and on 28 July 2026 that application was still open. [CySEC]

The firm told its own clients the same thing, in its own letters, three years ago. On 17 March 2023 it published a notice saying it was “experiencing issues with the execution of internal and external transactions, arising out of the highly unusual delay in the settlement of obligations by third parties towards the Company”, and that from 13 March 2023 it would accept no deposits from existing clients and onboard no new ones, with all client accounts inactive until further notice. On 20 April 2023 it published a second notice, headed “NOTICE OF VOLUNTARY RENUNCIATION OF AUTHORISATION TO OPERATE AS AN INVESTMENT FIRM”, which says the company “is currently unable to continue its investment activities” and that “We understand that our clients may have concerns regarding their investments, and we regret that we are unable to make any assurances at this time”.

This was never a retail CFD shop. The business it described was asset management, structured products and units in collective investment schemes, sold to what its own about page called “value-oriented high net-worth individuals and financial intermediaries”, with a website in English, Traditional Chinese and Simplified Chinese and an administration process that later split its client mailboxes into Taiwan, Cyprus and everyone else. There is no trading platform in this review because there was never one. Orders went in on PDF dealing instruction forms.

Today aafg.co serves a 288 byte page containing a title, an empty table and nothing else, behind a TLS certificate that expired on 2 December 2025. Every one of the eleven countries we fetched from through Bright Data, id, th, vn, az, sg, jp, in, ae, za, gb and de, was refused at the TLS layer with the same certificate error, so no visitor anywhere reaches a working site without clicking past a browser security warning first. The client login portal, myaafg.com, accepts no connections at all. [TrueBroker]

Overview Table

Facts List

• CySEC licence 230/14, dated 26 March 2014, currently under examination for voluntary renunciation of the authorisation.
• Company registration number HE 315127, LEI 213800DO1R3D5F7LH118, previous name Harborx Ltd.
• aafg.co is the only domain CySEC lists as approved for this licensee.
• Deposits and new client onboarding stopped on 13 March 2023, by the firm’s own announcement.
• CySEC opened an investigation into the firm on 3 August 2023, and has published no outcome.
• On 25 August 2025 CySEC fined and banned all five members of the board, EUR 300,000 in fines and bans of five to ten years.
• An earlier CySEC decision of 3 October 2022 concerned where the firm deposited clients’ financial instruments.
• Panos Eliades was appointed administrator by the company, not by CySEC or a court.
• The TLS certificate on aafg.co expired on 2 December 2025 and has not been renewed.
• Its Pillar III disclosure, its execution quality summary statement, its fee schedule, its custody appendix and its client categorisation appendix were all linked from its own support page and all returned 404 from its own server.

Key Takeaways

Everything below is on a public register or in a document the firm published itself. Nothing here rests on a complaint, a forum post or a competitor’s rating.

• The licence is real, and it is being surrendered. CySEC 230/14 is on the Cypriot Investment Firms register on 28 July 2026, annotated in red as under examination for voluntary renunciation of the authorisation.
• The firm stopped taking money in March 2023. Its own notice sets the date at 13 March 2023 for deposits and onboarding, with all client accounts inactive until further notice.
• It said it could not promise to return client assets. Its April 2023 notice states it is “facing difficulties” and that it is “unable to make any assurances at this time”.
• CySEC had already told it to fix custody. On 3 October 2022 CySEC ordered it to stop depositing clients’ financial instruments with third parties outside proper regulation and supervision, five months before the settlement failure it later blamed on third parties.
• The whole board was sanctioned. Fines of EUR 150,000, EUR 75,000 and EUR 75,000 on three executive directors, plus management bans of ten and five years, and five year bans on both non executive directors.
• There is no website left. aafg.co returns a 288 byte placeholder behind a certificate that expired on 2 December 2025, identically from all eleven countries we tested.
• The disclosures a reader would check do not exist. Pillar III, the execution quality summary statement, the fee schedule and the custody appendix were all advertised on the support page and all 404.
• It held dealing on own account. Its terms let it act as principal at its own discretion, and its best execution policy says it executed de facto every client order outside a trading venue.
• Its own named execution venues include entities carrying its own name. Four of the sixteen in Appendix I of its best execution policy are Ayers entities, and a fifth, Spectra SPC, went into liquidation.
• Nobody can open an account. If you have been contacted by someone using this name in 2026, you are not being contacted by this firm.

Licenses & Regulation

One authority, one licence number, and a paper trail that is unusually complete because CySEC published every step of it. We checked the CySEC Cypriot Investment Firms register, the CySEC List of Approved Domains, the Former Investment Firms register, the CySEC decisions and announcements archive, and the FCA register including clone and unauthorised entries.

The CySEC entry is detailed and worth reading in full. Licence date 26 March 2014, company registration number 315127, telephone +357 25 262 202, e-mail [email protected], other information “Previous name: Harborx Ltd”, approved domains “aafg.co”. The scope is wide: reception and transmission of orders, execution of orders on behalf of clients, dealing on own account, portfolio management, investment advice, underwriting on a firm commitment basis and placing without a firm commitment, each across instrument classes 1 to 10. Ancillary permissions cover safekeeping and administration of financial instruments including custodianship, granting credits or loans, and investment research. Cross border services are notified to 29 EEA member states, which is every one of them except Cyprus itself. No tied agents are recorded. [CySEC]

Dealing on own account matters here. Roughly half the Cypriot register executes purely as agent. This firm could be the counterparty to your trade, and its terms of business say so at clause 5.6: “We may determine in our absolute discretion whether we will effect any Transaction for you as principal, as matched principal, as agent or partly as principal, partly as matched principal and partly as agent or in any combination thereof.”

Now the enforcement record, all four documents published by CySEC.

The October 2022 decision is the one to sit with. Five months before the firm told clients that third parties had failed to settle, its regulator had already ordered it to stop parking client financial instruments with third parties that nobody supervises. CySEC’s August 2023 announcement also notes that Panos Eliades was appointed administrator by the company itself, adding that “Administrators are generally appointed by the Board of Directors of a company to investigate its business and financial affairs. The Regulator is not involved in this process.” [CySEC]

What every country sees

The usual finding on this page is that a broker shows different entities to different countries. Here the finding is that it shows nothing to anybody, and we tested it properly rather than assuming.

The certificate is a Let’s Encrypt E8 certificate issued to aafg.co on 3 September 2025 and expired on 2 December 2025. Ignoring the certificate warning from our own connection returns 288 bytes of empty HTML. The Internet Archive shows the real site was still up on 8 May 2025 and had been replaced by this placeholder by 14 January 2026. [TrueBroker]

On the FCA register, searching Ayers Alliance returns nothing, searching AAFG returns nothing, and searching Harborx returns exactly one record, FRN 657525, Harborx Ltd, No longer authorised since 31 December 2020. No clone entries and no unauthorised entries appear against any of those names. Nothing on the firm’s own site ever claimed the FCA, so this is a passport that lapsed rather than a badge being misused. The firm is absent from the CySEC Former Investment Firms register, which is consistent with an application to renounce that has not yet completed, and absent from the CySEC List of Non Approved Domains. [FCA, CySEC]

How to Trade

There is no way to trade with Ayers Alliance today, and there has not been since 13 March 2023. What follows describes how it worked while it worked, from the firm’s own terms of business dated 21 October 2019, its best execution policy dated 31 August 2018, and the list of downloadable forms on its support page.

There was no trading platform. No MetaTrader, no cTrader, no proprietary terminal, no mobile app. A client placed an order by completing a PDF form and sending it in. Three such forms existed: “Dealing Instruction Request Form (For Collective Investment Scheme ONLY)”, “Dealing Instruction Request Form (For Currency Conversion ONLY)” and “Dealing Instruction Request Form (Stock Trading)”. A client portal existed at myaafg.com, linked from the homepage as “Client Login”; it now accepts no connections from any vantage we tried.

Everything was executed away from a trading venue. The best execution policy states it plainly: “The Company executes de facto all client orders outside a Trading Venue due to the nature of investment products it offers and/or distributes to Clients.” The same paragraph sets out the consequence in the firm’s own words, that orders executed outside a trading venue “will not be subject to the rules of Trading Venues, which are designed to provide for a fair and orderly treatment of orders”, and that “a settlement risk may be incurred as transactions will be subject to counterparty risk and will not be covered by the relevant clearing and settlement rules similar to those applicable for a regulated market”. Settlement risk from counterparties is exactly what the firm later said had broken it.

The terms hand the firm the venue choice and the capacity. Clause 5.4 records the client’s express consent “to us executing your orders and instructions outside of a trading venue” and states the firm may “select in our sole and absolute discretion and without further reference to you, the venue”. Clause 5.6 lets it act as principal, matched principal or agent at its discretion, and adds “You agree that we may effect a Transaction for your benefit and at your expense but in our name.”

Where the orders actually went

Most firms bury their venue list. Ayers Alliance published one, as Appendix I to its best execution policy, and it is the single most revealing document on the site. Sixteen names, of which four carry the firm’s own brand:

• City Credit Asset Management Limited
• AYERS Alliance SP2 Limited
• UG SPC
• CCIB SPC, CCIB Global Plus Limited, CCIB Global Hedge Limited, CCIB Opportunity Income Growth Fund
• K&K Segregated Portfolio Company
• First State Global Umbrella Fund Plc
• JPMorgan Funds
• Mayfair Classic Fund Limited, Mayfair & Ayers Financial Group Limited
• Ayers Alliance SPC
• Spectra SPC
• STI SPC
• Ayers Alliance Capital Limited

Spectra SPC is the name to hold onto. On 26 April 2023, six days after the renunciation notice, the firm wrote to clients about “your assets held by Spectra SPC’s (the “Fund”) Powerfund Segregated Portfolio”, telling them that “Following the Investment Manager’s decision to liquidate the Fund” it would file a proof of debt on their behalf unless they objected within five days. A venue on the firm’s own execution list turning into a proof of debt claim is the mechanism by which client assets stopped being client assets.

The policy also says the firm “does not generally aggregate any client orders with other client orders or any transactions for its own account”, and that it “uses Third-Country Intermediaries and Entities when carrying out an order on the client’s behalf”. Several of the sixteen names are segregated portfolio companies, a structure used in the Cayman Islands and the British Virgin Islands, which fits the appointment of Conyers Dill & Pearman as offshore legal consultant during the administration.

Account Types

Three account types, no published pricing, and a fee schedule that has been a 404 since at least September 2023. None of them can be opened.

Retail clients were treated as retail. Several small CySEC licensees turn out on inspection to serve only professionals or eligible counterparties. This one did not. Clause 2.1 of the terms of business says “based upon the information available to us, we have classified you as a Retail Client”, and warns that opting up means “you will not be an eligible claimant under the Investor Compensation Fund” nor able to complain to the Financial Ombudsman. Clause 2.2 confirms “You are an eligible claimant under the Investor Compensation Fund for Clients of Investment Firms.” The best execution policy applies to “the Company’s retail and professional Clients” and excludes only eligible counterparties.

Nobody ever saw the price list. Clause 9.1 says fees “will be documented in the fee schedule (Fee Schedule) to these Terms”. The support page linked to “APPENDIX G – Fee Schedule”. That link returned 404 from the firm’s own server when the Internet Archive tried it on 9 September 2023 and again on 3 March 2024. The same is true of “APPENDIX A – Custody” and “APPENDIX D – Client Categorisation”. So the three appendices that would tell a client what they pay, who holds their assets and what protections they get were all advertised and none of them were served. [TrueBroker]

What the terms do say about money is one sided. Clause 9.3: “You agree that our fees are subject to change at any time without your consent.” Clause 10.2 authorises the firm “to debit any of you accounts, whether held with us, or a third party, to pay any amounts due to us pursuant to these Terms or any Transaction effected hereunder, including interest and any of our fees, without prior notice or reference to you.” Clause 11 gives it a general set off and netting right exercisable “at any time and without prior notice to you”.

One clause deserves separate billing. Clause 3.5 states: “We will not provide you with any safekeeping services in relation to your Transactions or your positions in financial instruments, such as custodianship of financial instruments, or investment valuations, etc.” The CySEC licence grants this firm safekeeping and administration of financial instruments including custodianship as an ancillary service. The firm’s own contract disclaims it. Client assets therefore sat with third parties, which is the precise subject of the October 2022 CySEC order. [CySEC, AAFG]

Negative Balance Protection

We found no negative balance protection statement from this firm, and we are not going to invent one. Searching the terms of business, the best execution policy and the risk disclaimer for negative balance, margin close out or stop out language returns nothing on the first two and one general warning on the third.

That is less of a gap than it looks, because this was not a leveraged retail CFD account in the ordinary sense. Nothing on the site advertised leverage, no maximum leverage figure was published, and the products described were asset management mandates, structured products and fund subscriptions. The instrument that ended up costing clients was not a margined position moving against them. It was a segregated portfolio of a fund that went into liquidation.

The risk disclaimer, last updated November 2018, does address margin in general terms: “Do not use money you cannot afford to lose. When trading in margin, you could lose much more than your investment amount.” It goes on to say complex products including “Units in Collective Investment Undertakings, Structured Products, etc.” should only be considered by those with “extensive experience of trading in such financial instruments and in volatile markets”, and that trading them “may result in a substantial or complete loss of funds”.

The full risk document was never public. The disclaimer says “The Company’s full description of risks document will be provided to you during your on-boarding process”, with the alternative being the Policies and Legal Documents section of the site. That section listed “APPENDIX E – Risk Disclosure Policy”. We could not retrieve it from any capture. Under CySEC rules retail clients of a Cypriot Investment Firm are eligible claimants of the Investor Compensation Fund, and the firm’s own clause 2.2 confirms that status, but the fund’s conditions and limits are set by CySEC and we make no statement here about what any individual claim would produce.

Trading Instruments

Ayers Alliance never published an instrument count. What it published was three business lines and a licence scope, and those two things do not perfectly agree with each other, which is worth reading closely.

The three lines, from its business overview page, were Asset Management, “a full range of portfolio solutions” available “either on a discretionary or non-discretionary basis”; Structured Products, described as “bespoke innovative financial instruments”; and Units in Collective Investments, where “AYERS Alliance keeps Accounts with highly reputable Fund Houses”. A fourth service, foundation formation and philanthropy administration, sat alongside them.

The licence is far wider than that. CySEC records instrument classes 1 to 10 against every one of the seven investment services it holds, which covers transferable securities, money market instruments, units in collective investment undertakings, and the full set of derivative classes on securities, currencies, interest rates, commodities and credit. Class 11, emission allowances, is not held. In practice the best execution policy narrows the field again, stating that best execution liability “is fulfilled only in relation to the following financial instruments on which transactions are effected: Transferable Securities, Units of Collective Investment Undertakings”. [CySEC, AAFG]

The dealing forms corroborate the narrow reading. The only three order types a client could submit were collective investment schemes, currency conversion and stock trading. The footer risk warning is broader again, naming “forex, commodities, indices, other contract-for-differences, structured products, UCITS and other complex financial instruments”, which is the widest description the firm gave of what a client might end up holding.

Two of the sixteen entities in the execution venue appendix are recognisable third party fund families, First State Global Umbrella Fund Plc and JPMorgan Funds. The rest are segregated portfolio companies and private vehicles, four of them carrying the Ayers name. If you are trying to work out what a client of this firm actually owned, that list is a better answer than the marketing copy.

Education & Analysis

No charting package, no research desk output, no economic calendar, no webinars for prospective clients, no education section. We looked across every archived page of aafg.co and found none of it. The site had four top level sections: Who We Are, What We Do, Support Center and Careers. There was no market commentary anywhere on it.

That absence is consistent with the model rather than a failing of it. The firm sold advised and discretionary mandates, not self directed trading, so its analytical work went into client proposals rather than onto a public page. Its method was described as a “5 Steps Advisory Methodology” covering “Need Analysis, Financial Analysis, Profiling, Investment Strategy, and Implementation”. Its structured products team was described as offering “Corporate Financial Advisory, Institutional Research, Wealth/Portfolio Management and Institutional Broking”. None of that output was published.

The CySEC licence does carry investment research and financial analysis as an ancillary permission, across classes 1 to 10. We found nothing published under it. [CySEC]

The one disclosure that would have counted is missing. A firm executing every order away from a trading venue, through sixteen named intermediaries including four of its own, is exactly the firm whose annual execution quality reporting is worth reading. Its support page linked to an “Execution Quality Summary Statement” and to “Pillar III Disclosures”. Both links returned 404 from aafg.co when the Internet Archive requested them on 9 September 2023, and again in February 2024. We could not find either document in any capture, on the CySEC site, or anywhere else. There is no published execution quality data and no published own funds, capital ratio or risk disclosure for this firm. [TrueBroker]

The only structured briefings the firm ever gave were run after it collapsed, by its administrator. Three client webinars are recorded on the administration site, on 28 August 2023, 22 September 2023 and 31 January 2024, each with a PowerPoint download and each restricted to clients who had completed the online investor identity questionnaire. All three files, and the questionnaire itself, are gone with the site.

Special Offers

No bonuses, no deposit matches, no cashback, no rebates, no referral scheme, no demo competition. We found no promotional offer of any kind in any archived page of aafg.co, which is what you would expect from a firm selling discretionary mandates to high net worth clients rather than accounts to retail traders.

CySEC restricts bonus promotion by Cypriot Investment Firms in any event, and this firm never went near it. The closest thing to an inducement on the site was an “APPENDIX F – Inducements Handling Policy” listed among the legal documents. We could not retrieve that appendix from any capture, so we cannot say what it permitted.

What sits in this section instead is the letter clients did receive. On 26 April 2023 the firm wrote about “your assets held by Spectra SPC’s (the “Fund”) Powerfund Segregated Portfolio”, explaining that “Following the Investment Manager’s decision to liquidate the Fund, as you may be aware, the Company has been working diligently to recover any outstanding debts owed to you”, and that “If we do not receive a response from you within 5 days of receiving this letter, informing us that we shall not be taking any action on your behalf, we will proceed with filling out a proof of debt on your behalf to begin the process of recovering your assets.” Spectra SPC appears on the firm’s own list of execution venues.

A five day deadline to opt out of having a proof of debt filed in your name is the only offer this firm made that a reader in 2026 needs to know about.

Opening an Account

You cannot open an account with Ayers Alliance Financial Group Ltd. It stopped onboarding new clients on 13 March 2023 by its own announcement, it has applied to CySEC to renounce its authorisation, and its website has been a blank placeholder since some point between 8 May 2025 and 14 January 2026. If anyone is currently offering you an account under this name, they are not this firm, and the domain to check against is aafg.co, which is the only one CySEC approves. [CySEC, AAFG]

How it worked before. The support page invited applicants to “submit your AAFG account application form online, within mere minutes”, choosing between Individual, Joint and Business. An application subdomain, forms.aafg.co, ran the online forms. Applicants were told to read the policies and terms first. Paper equivalents existed for all three account types alongside a specimen signature card, which is the tell of an account operated by instruction rather than by screen.

The document set a client had to work through was long: account opening form, specimen signature card, designation of beneficiary account form, third party authorisation form, third party deposit notice, change of customer details form, change of specimen signature request, asset transfer in notice for external investment assets, and requests for asset certification. Account closure and withdrawal each had their own form. We found no published account opening timescale, no minimum deposit and no stated eligibility criteria beyond the general statement in the footer that “AAFG is not permitted to provide services to USA and other countries out of the scope of its license.”

There is one more onboarding step, and it postdates the collapse. The administration site asked existing clients to complete an online investor questionnaire “for the purpose of identity verification”, requiring “investment position, amount and the latest statement again”, so that the external administrator could “compare existing database information with updated data provided by the clients”. That questionnaire lived at aafgadmin.com, a domain the firm’s own homepage pointed clients to. It now serves a GoDaddy parking page. [AAFG, TrueBroker]

Deposits & Withdrawals

This is the section that decides the review, so it is a timeline rather than a fee table. Every entry below comes from a document published either by the firm or by CySEC.

What the firm said about getting money out. Three phrases, all its own. Withdrawal requests “will be processed to the best ability of the Company”. It is “facing difficulties” returning client funds and assets. And, in the renunciation notice, “we regret that we are unable to make any assurances at this time”. The same notice says it is “taking legal action against those third parties we consider responsible for the present position and our regulator CYSEC is aware of correspondence to that effect”.

What we could not establish. No published deposit or withdrawal fee, no payment methods list, no processing times, no minimum or maximum withdrawal, and no figure at any point for how much client money or how many clients are involved. The forms tell you the mechanics were manual: a Deposit Notification Form, an Account Withdrawal Request Form, a Third Party Deposit Notice and a Third-Party Withdrawal Form. Beyond that we have nothing, because the fee schedule and the custody appendix were never served. We are not going to fill those gaps with estimates. [TrueBroker]

What is still reachable. The aafg.co domain still resolves, still has GoDaddy nameservers, and still routes mail through Microsoft 365, so [email protected] and [email protected] may still deliver. The published phone numbers are +357 25 262266 and +357 25 262202. The administrator’s addresses, [email protected] plus tw@, cy@ and [email protected], sat on a domain that is now parked, so we would not rely on them. [TrueBroker]

Customer Support

Ayers Alliance had a more structured support and complaints setup than most firms this size, and almost none of it is reachable in 2026. Both halves of that sentence matter.

The complaints policy is genuinely good, and it is still readable. The July 2023 version, which already carries the line “Currently, the Company is under examination for voluntary renunciation of its CIF authorization” on its header, sets hard deadlines. A complaint must be submitted on the Complaint Form at Appendix B and sent to [email protected] with supporting evidence. A named complaints officer “will reply to the Client by email, within five (5) days from the day of receipt”, issuing a unique reference number to be used with the firm, the Financial Ombudsman and CySEC. The firm “will attempt to resolve the Complaint within two (2) months”, with “an additional month” allowed, so a final response inside three months. A dissatisfied client then has four months to take it to the Financial Ombudsman of the Republic of Cyprus.

It is also candid about what the regulator can and cannot do. The policy notes that CySEC “does not have restitution powers and therefore, does not investigate individual complaints”, and CySEC’s own August 2023 announcement repeats the point in almost the same words. A reader hoping the investigation will return their money should read both. [AAFG, CySEC]

The practical problem is the delivery route. The policy tells clients to download the Complaint Form by going to “the Company’s website aafg.co > choose the category “Support Center” from the upper menu bar, and then from the left navigation menu that appears select the option “Documents and Requests””. None of that exists now. The form was also attached as Appendix B to the policy itself, so a client who kept a copy still has it. Anyone who did not is dependent on an email address on a domain that no longer serves a website. [TrueBroker]

Support was clearly built for a Greater China client base. The language toggle offered English, Traditional Chinese and Simplified Chinese, the administrator’s webinars ran at 14:00 and 17:00 GMT+8, and the administration appointed a Taiwan consultancy, Chih Yeh Consultancy Limited, alongside its Cyprus lawyers and an offshore firm, Conyers Dill & Pearman.

Prohibited Countries

Ayers Alliance publishes no restricted country list, and never did. We checked every archived page of aafg.co, the terms of business, the best execution policy, the risk disclaimer and the complaints policy. There is no list. We are stating that rather than inventing one, because an invented restricted country list is the single most common fabrication in reviews of small firms.

What exists instead is one sentence in the site footer: “AAFG is not permitted to provide services to USA and other countries out of the scope of its license.” That names the United States and otherwise defers to the licence. So the licence is where the answer has to come from.

CySEC records cross border notifications for licence 230/14 to 29 EEA member states: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. That is the entire EEA apart from Cyprus itself, where it is established. No tied agents are registered against it in any of them. [CySEC]

One trap to avoid on the CySEC page. Below the member state tabs sits a heading, “Provision of Services to Countries Outside EU”, followed by a paragraph explaining that “CIFs may provide their services to countries outside the EU provided that they comply with the regulatory regime of the third country” and then a list of roughly two hundred territories. That block is boilerplate printed on every Cypriot Investment Firm entry, not a permission specific to this firm, and it should never be read as a country list for any broker. This firm has no populated third country services section at all. [CySEC]

None of this is actionable in 2026, because the firm serves no country. It stopped onboarding on 13 March 2023 and its accounts have been inactive since. The only geography that still matters is where its clients were, and the administration’s own mailbox structure answers that: Taiwan, Cyprus, and everyone else.

Conclusion

Ayers Alliance Financial Group Ltd is not a scam and it is not a broker you can use. It is a real Cyprus Investment Firm that held a real licence, was supervised by a real regulator, failed, and is now being wound down in public. CySEC 230/14 is still on the register on 28 July 2026, annotated in red as under examination for voluntary renunciation of the authorisation, which is the register’s way of saying the firm asked to stop.

The sequence is unusually well documented because the firm and its regulator both published as they went. CySEC found the risk management function unqualified in March 2022. It found the firm depositing clients’ financial instruments with third parties outside proper regulation and supervision in October 2022, and gave it six months to stop. In March 2023 the firm halted deposits and onboarding, blaming “highly unusual delay in the settlement of obligations by third parties towards the Company”. In April 2023 it announced it was giving up its licence and could not “make any assurances” about client assets. In August 2023 CySEC opened an investigation that has still produced no published outcome. In August 2025 CySEC fined and banned every director on the board. In December 2025 the website’s certificate expired, and by January 2026 the site had been replaced by an empty page.

Our score of 2.8 out of 10 reflects a firm that cannot be used rather than a firm that set out to defraud. Regulation scores 3 because the authorisation is genuine, the supervision demonstrably worked, and the record is fully public, but the licence is on its way out and offers a prospective client nothing. Fees scores 4 because the fee schedule was never served and the terms that were let the firm change fees without consent and debit accounts without notice. Platform scores 2 because there is none, and there never was one beyond PDF forms and a portal that no longer answers. Support scores 3 for a properly specified complaints policy with real deadlines, undercut by the fact that its delivery route no longer exists. Reviews scores 2, and unusually the evidence there is not user reports but the firm’s own written statement that it is facing difficulties returning client funds and assets.

Two things we could not establish, and would correct the moment they surface. We found no Pillar III disclosure and no execution quality summary statement for this firm anywhere, despite both being linked from its own support page and both returning 404 from its own server. And we found no figure at any point, from the firm, the administrator or CySEC, for how much client money is involved or how many clients are affected.

Who this is for. Nobody as a prospective client, because there is nothing to open. It matters to two groups. Existing clients, who should keep the complaints policy’s deadlines in mind, note that the Financial Ombudsman route survives the firm’s website, and know that CySEC has said in terms that it has no power to compensate them. And anyone who has just been approached by someone using the Ayers Alliance name, or a domain that is not aafg.co, in 2026. This firm onboards nobody. A pitch in its name today is coming from somewhere else.