The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of wholesale financial services provider, Dunfo Capital Pty. Ltd for failing to adhere to key obligations of a licensee.
The cancellation comes after the firm was suspended in February this year and given six months to meet its legal obligations and licence conditions.
The firm was suspended after the regulator was concerned that Dunfo had failed to lodge financial statements and auditor reports for the financial year ending June 2014, failed to meet its net tangible assets requirements, and failed to inform ASIC of the above breaches within 10 business days.
But ASIC cancelled Dunfo’s AFSL in August after it failed to meet its legal obligations and requirements within the six-month period.
Dunfo is now known as Eagle Aetos Capital. It has also operated under other names including GSM Financial Group.
The firm has the right to appeal to the Administrative Appeals Tribunal to review ASIC’s decision.
