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ASIC cancels AFS licence of Perth-based group

Oksana Patron27 May 2022
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The Australian Securities and investment Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Perth-based, Quattro Capital Group for failing to maintain the competence to provide financial services and property supervise its representatives.

The ASIC has also banned Quattro’s sole director, Grant Gibson from controlling a financial services entity for eight years after determining he was involved in the company’s contraventions of financial services laws and he was not competent to control an entity.

Quattro was the AFS licensee of a number of authorised representatives, including representatives who were part of the Mayfair 101 Group and issued debentures promoted by Mayfair 101.

In particular, ASIC found that Quattro failed to:

  • maintain the competence to provide financial services;
  • properly supervise its representatives and ensure they were adequately trained or competent to provide the financial services covered by Quattro’s licence;
  • have adequate human and financial resources and risk management systems;
  • comply with financial services laws by not lodging its annual financial statements with ASIC for the 2016-2020 financial years in the required timeframe; and
  • ensure that the financial services covered by its licence were provided efficiently, honestly and fairly.

ASIC said the cancellation of Quattro’s AFS licence and the banning of Gibson was part of ASIC’s work to ensure that licensees adequately supervised their representatives and complied with their obligations.

Quattro and Gibson would have the right to seek a review of ASIC’s decision in the Administrative Appeals Tribunal (AAT).

 

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