Last updated: 14 June 2019

ASIC has taken action against the financial firm

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.

See ASIC’s media release.

ASIC’s investigations into Berndale are ongoing

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.

See ASIC's freezing orders media release

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 have been appointed to:

  • identify, secure, collect and take control of Berndale’s assets
  • prepare and submit a report to the Federal Court setting out the assets and liabilities of Berndale and identifying Berndale’s clients and money owed to them.

The Receivers and Managers have made their report to the Federal Court and ASIC is currently considering the implications of the report.

See ASIC’s appointment of receivers media release

You may also contact the Receivers and Managers directly if you have any questions about their role or wish to provide information about funds owed to you. The relevant contact is:

Ms Catherine Torres
Cor Cordis
PO Box 232
Collins Street West
Melbourne, VIC  
+61 3 8320 5646

Berndale remains a current member of AFCA

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.

What this may mean for complaints

Consumers can continue to lodge complaints about Berndale’s conduct and services with AFCA.

AFCA will continue to consider and handle complaints against the financial firm as timely and efficiently as possible.

At this stage, given the current ASIC investigations and the appointment of the Receivers and Managers, we are unable to advise about the status of client’s funds and return of funds to clients or other compensation that may be payable. Possible outcomes may also include Berndale being placed into liquidation.

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.

Any questions?

If you have any questions or want more information about lodging a complaint, please