This page provides information and updates for consumers about the Mayfair group of companies, including authorised representative Quattro Capital Group Pty Ltd (Quattro Capital).
Making a complaint to AFCA about Mayfair group of companies
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 Group Pty Ltd (Quattro Capital).
Due to Quattro Capital not meeting its AFCA membership obligations, AFCA expelled Quattro Capital in March 2021. At the time of expelling Quattro Capital, AFCA notified ASIC.
AFCA will no longer be progressing complaints about Quattro Capital
AFCA’s ability to progress a complaint against Quattro Capital is extremely limited as we do 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, we will continue to monitor the situation and update complainants accordingly.
Options available to complainants
If you have a complaint against Quattro Capital or the Mayfair group of companies, you may wish to consider other avenues of action, such as legal proceedings. AFCA recommends that you seek independent legal advice about your other options.
If you choose to commence legal proceedings or pursue any other avenues, please notify AFCA as this may impact our ability to consider an AFCA complaint on this matter in the future.
Compensation Scheme of Last Resort (CSLR)
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.
Once AFCA has more information from Government about the CLRS, we will contact consumers to discuss what this may mean for their complaint.
ASIC action against Mayfair group of companies
On 3 April 2020, ASIC commenced proceedings in the Federal Court of Australia against the Mayfair group of companies. On 16 April 2020, the Federal Court made interim orders restraining Mayfair group of companies from promoting their debenture products and prohibiting the use of specific words and phrases in their advertising. The matter has been set down for hearing commencing on 28 September 2020.
The Mayfair group of companies (all authorised representatives of Quattro Capital Group Pty Ltd) involved in the proceedings are:
- Mayfair Wealth Partners Pty Ltd t/a Mayfair Platinum
(now known as Australian Income Solutions Pty Ltd)
- M101 Holdings Pty Ltd
- M101 Nominees Pty Ltd and
- Online Investments Pty Ltd t/a Mayfair 101
(collectively referred to as Mayfair group of companies)
More details of ASIC’s action are available here: https://asic.gov.au/about-asic/news-centre/key-matters/asic-investigation-into-mayfair-101mayfair-platinum/
Provisional liquidators have been appointed to M101 Nominees Pty Ltd
On 14 August 2020, the Federal Court appointed Said Jahani and Phillip Campbell-Wilson of Grant Thornton as provisional liquidators of M101 Nominees Pty Ltd. Creditors who have queries relating to M101 Nominees Pty Ltd can contact M101@au.gt.com.
If you have any questions or want more information, please contact AFCA.
Call: 1800 931 678