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Filter bank-based multicarrier (FBMC) systems have a number of advantages over the OFDM modulation method. However, efficient channel equalization techniques for FBMC systems are not mature yet. In this paper, a complex critically sampled filter bank, based on cosine- and sine-modulated filter banks, is used as a trans multiplexer and a low complexity equalizer called AP-ASCET is used to compensate the channel distortion. The use of an oversampled receiver filter bank makes it possible to equalize successfully each subchannel independently of the others. Furthermore, the subchannel amplitude and phase responses are equalized independently using low-order linear-phase FIR and allpass IIR filter sections, respectively. The system performance is studied using the ITU-R vehicular A channel model.