Last updated: 23 July 2019
The Australian Securities & Investment Commission (ASIC) cancelled Berndale Capital Securities Pty Ltd’s (Berndale) Australian Financial Services Licence (290108) (AFSL) in November 2018. Berndale has appealed the cancellation of its AFSL with the Administrative Appeals Tribunal.
On 5 December 2018 ASIC obtained freezing orders from the Federal Court against Berndale, its associated entities, and Mr Stavro D’Amore. This means Berndale’s bank accounts are now frozen and it is unable to sell or otherwise deal with its property without ASIC’s consent.
ASIC’s investigations are ongoing, and there will be a Federal Court hearing to determine the future of Berndale. The Federal Court has not yet set a date for this hearing. Possible outcomes may include Berndale being placed into liquidation.
On 18 April 2019, the Federal Court appointed Rachel Burdett-Baker and Bruno Secatore of Cor Cordis as Receivers and Managers of Berndale.
The Receivers and Managers will not be able to return funds to Berndale investors until after ASIC has finalised its investigations and the future of Berndale has been decided. For this reason we do not anticipate any funds being returned to investors before 2020.
At this stage, we understand it is unlikely that Berndale investors will have all their funds returned. It is too early to estimate the amount of funds that might be returned to each investor.
You may contact the Receivers and Managers directly if you have any questions about their role. If you have correspondence or information that may assist the Receivers and Managers, you should provide this to them as soon as possible. The relevant contact is:
Ms Catherine Torres
PO Box 232
Collins Street West
+61 3 8320 5646
Berndale is a current member of AFCA. While ASIC required Berndale to maintain its AFCA membership until at least 23 May 2019, Berndale will continue to remain a member of AFCA until AFCA’s Board determines otherwise.
Consumers can continue to lodge complaints about Berndale’s conduct and services with AFCA while Berndale remains an AFCA member.
AFCA will continue to consider and handle complaints against the financial firm as quickly and efficiently as possible.
As explained above, given the current ASIC investigations and the appointment of the Receivers and Managers, we are unable to advise about the return of funds to investors or payment of any compensation that AFCA may award.
We will keep you updated
AFCA will keep you up to date as we become aware of new information about Berndale that may affect complaints.
Please check this webpage regularly.
If you have any questions or want more information about lodging a complaint, please