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)
From April 2020, AFCA paused complaints against insolvent financial firms financial firms while awaiting detail of the scope and timing of a Compensation Scheme of Last Resort (CSLR).
On 16 July 2021 the Federal Government released the exposure draft legislation to establish the Compensation Scheme of Last Resort (CSLR).
The establishment of the Compensation Scheme of Last Resort will support ongoing confidence in the financial system’s dispute resolution framework by facilitating the payment of compensation to eligible consumers who have received a determination for compensation from the Australian Financial Complaints Authority (AFCA) which remains unpaid.
Complaints against insolvent financial firms and other complaints that were on pause while awaiting the introduction of CSLR will continue to be paused and will be assessed once the legislation has come into effect.
AFCA will only be able to fully assess the impact of the CSLR to a complaint when details of the scheme are finalised and legislated by the Government. We will review all relevant complaints as soon as that occurs.
AFCA will contact all parties to discuss the status of paused complaint after that assessment is completed.
Read more at afca.org.au/CSLR.
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.
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