ASIC cancels AFSL of Mayfair 101 licensee

mayfair-101/ASIC/james-mawhinney/

26 May 2022
| By Laura Dew |
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The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Perth-based Quattro Capital, the licensee of multiple authorised representatives who were part of Mayfair 101.

Its sole director, Grant Stewart Gibson, was banned from controlling a financial services entity for eight years as ASIC found he had been involved in the firm’s contraventions.

A number of Quattro’s authorised representatives were part of Mayfair 101 and issued debentures promoted by the firm.

In March 2021, the Federal Court found four Mayfair 101 entities had engaged in misleading or deceptive conduct and made false or misleading representations when promoting debenture products.

The following month, James Mawhinney, an individual representative of Quattro, was restrained from advertising and soliciting funds in relation to financial products for 20 years.

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.

Gibson’s banning was recorded on ASIC’s banned and disqualified register. Quattro and Gibson had the right to seek a review of ASIC’s decision in the Administrative Appeals Tribunal.

Mayfair 101 and Mawhinney had appealed both their orders.

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