Last updated: 3 April 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

Please be aware that the freezing order applies to all Berndale accounts including any accounts holding clients’ funds on trust.

For complaints related only to withdrawal requests or access to client funds made after 3 December 2018, Berndale may not have had the opportunity to process a request prior to the freezing order taking effecton 5 December 2019. AFCA may still able to consider the complaint, but will take the freezing order into account.

AFCA may still be able to consider complaints relating to any other conduct of Berndale or any of its authorised representatives.

Berndale remains a current member of AFCA

Berndale is a current member of AFCA. While ASIC requires 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 freezing of Berndale’s assets, 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 and/or receivership. 

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