Post: ASIC cancels AFS licence of Quattro Capital Group and bans director

ASIC has cancelled the Australian financial services (AFS) licence of Perth-based Quattro Capital Group Pty Ltd (Quattro) and banned its director, Grant Stewart Gibson, from controlling a financial services entity for eight years.

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. Mr Gibson is the sole director of Quattro and its responsible manager.

ASIC found 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 also found that Mr Gibson was involved in Quattro’s contraventions of financial services laws and is not competent to control an entity that carries on a financial services business.

The cancellation of Quattro’s AFS licence and the banning of Mr Gibson is part of ASIC’s work to ensure that licensees adequately supervise their representatives and comply with their obligations.

Mr Gibson’s banning is recorded on ASIC’s banned and disqualified register.

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

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