The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services licence of Calaite Capital Partners Pty Ltd after the Compensation Scheme of Last Resort (CSLR) paid compensation linked to two unpaid Australian Financial Complaints Authority (AFCA) determinations. AFCA issued determinations against Calaite Capital on 8 July 2024 and 31 October 2024, which the firm failed to pay. The CSLR subsequently made two payments totalling AUD 267,235.57 on 2 April 2025 and notified ASIC, triggering mandatory licence cancellation on 5 May 2025. ASIC noted that when the CSLR pays compensation for an AFCA determination and identifies the firm that failed to pay, ASIC must cancel the firm’s Australian financial services or credit licence, and the cancellation is not subject to discretion or merits review. ASIC also pointed to earlier CSLR-related actions, saying it has cancelled seven Australian financial services licences and four credit licences since the scheme began operating in April 2024.
Australian Securities & Investments Commission2025-05-20
Australian Securities & Investments Commission cancels Calaite Capital Partners’ Australian financial services licence after Compensation Scheme of Last Resort payout
ASIC has cancelled Calaite Capital Partners Pty Ltd's financial services licence after the Compensation Scheme of Last Resort (CSLR) paid AUD 267,235.57 for two unpaid AFCA determinations. The cancellation on 5 May 2025 was mandatory, as CSLR compensation requires it. Since April 2024, ASIC has cancelled seven financial services and four credit licences under this framework.