ASIC cancels Dunfo Capital’s licence
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.
AUTHOR
Malavika Santhebennur
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
