AFCA Confirms to No Longer Progressing Complaints about Quattro Capital

The Australian Financial Complaints Authority’s (AFCA) today confirmed that it will no longer be progressing complaints about Quattro Capital, an authorised representative of Mayfair group of companies.

According to the Australian organization, the Mayfair group of companies are not members of AFCA and AFCA cannot consider complaints made directly against the financial firm.

AFCA previously accepted complaints lodged against a Mayfair authorised representative Quattro Capital. Due to Quattro Capital not meeting its AFCA membership obligations, AFCA expelled Quattro Capital in March 2021.

AFCA’s ability to progress a complaint against Quattro Capital is extremely limited as the body does not believe there is any real prospect of any remedy or award made against Quattro Capital being complied with.

For this reason, AFCA will not be progressing complaints about Quattro Capital at this point in time. However, the body will continue to monitor the situation and update complainants accordingly.

The Federal Government is working towards introducing a Compensation of Last Resort (CLRS) which would allow consumers to be compensated when they experience misconduct and lose out due to a financial firm that is no longer able to pay.

Consumers with complaints against Quattro Capital or Mayfair may be eligible for a payment under CLRS. However, the structure, eligibility criteria and the process of the CLRS is not yet determined.

Let's recall that, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit agains Mayfair Wealth Partners Pty Ltd (Mayfair Platinum) and Online Investments Pty Ltd (Mayfair 101). The regulator announced on April 16, 2020 that, the Federal Court issued interim orders restraining Mayfair Platinum and Mayfair 101 from promoting their debenture products and prohibiting the use of specific words and phrases in their advertising.

As Fazzaco reported today, AFCA appointed Professor John Pollaers OAM as its Next Independent Chair​, driving AFCA’s vision to be a world-class ombudsman service into the future.