Fund Regulatory Update

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Quattro Capital loses licence, director banned

The Australian Securities and Investments Commission (ASIC) has cancelled the AFS licence of Quattro Capital Group and banned its sole director and responsible manager, Grant Stewart Gibson from controlling a financial services entity for a period of eight years. The Perth-based firm 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.

ASIC found that Quattro had failed to maintain the competence to provide financial services, to properly supervise its representatives and ensure they were adequately trained or competent to provide the financial services covered by its licence and to have adequate human and financial resources, and risk management systems.

10 SMSF auditors lose licence

ASIC has cancelled the registration of 10 self-managed superannuation funds (SMSFs) auditors for failing to lodge their annual statements. The auditors’ registrations that were axed had previously been reinstated after being cancelled for the same reason between 2016-2018.

The auditors are:

  1. Rajab Arabi - four annual statements outstanding;

  2. Michael Awadalla - three annual statements outstanding;

  3. Michael Donlon – 3 annual statements outstanding;

  4. Jonathan Dundovic – four annual statements outstanding;

  5. Jeffrey Foden – three annual statements outstanding;

  6. Jackie Lao – three annual statements outstanding;

  7. Kevin Leece – three annual statements outstanding;

  8. Caren Moroney – six annual statements outstanding;

  9. Ronald Targett – three annual statements outstanding; and

  10. Antony Vidray – three annual statements outstanding.

APRA and ASIC issue FAQs on RIC

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released new FAQs on the implementation of the retirement income covenant. The FAQs are available on the APRA website and aim at assisting RSE licensees with the development of their retirement income strategies.The FAQS are available on the APRA website at: Implementation of retirement income covenant - Frequently asked questions.