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ASIC cancels the license of forex broker Berndale Capital

 

The Australian Securities and Investments Commission (ASIC) announced it has cancelled the license of Melbourne based forex and CFD broker Berndale Capital. ASIC found that the broker failed to comply with a number of requirements it has pursuant to Australian laws.

 

First of all, Berndale Capital failed to take reasonable steps to ensure that its representative Stavro D’Amore complied with financial services laws. Besides, the broker failed to provide financial services efficiently, honestly and fairly, to maintain an appropriate internal dispute resolution system, and to comply with the client money reporting requirements, among other things

 

The regulator has also banned Stavro D’Amore, the former director of Berndale, from providing financial services for a period of six years.  ASIC found that Mr. D’Amore was involved in contraventions of financial services laws while not being competent (or adequately trained) to provide such services.

 

The Australian financial watchdog also clarified that the AFS license of Berndale Capital will be in effect until 20 December 2018 for the purpose of finalizing existing client trading accounts. Furthermore, the broker’s license will continue until 23 May 2018, so that Berndale maintains its membership of the external dispute resolution scheme and stays covered by adequate indemnity insurance until this time.

 

Berndale Capital is an Australian forex broker brand belonging to Berndale Capital Securities Pty Ltd. The company was formed in 2012 and offers trading in forex and CFDs popular MetaTrader 4 platform. There are, however, a lot of negative user comments regarding this broker throughout the web and  on our website below the review of Berndale Capital. Most of the people who have expressed their misfortune of dealing with Berndale Capital have opened managed accounts with this broker, and say they have lost their money. They also claim that the broker does not allow withdrawals, nor refunds and never answers the calls of those clients who request such.

 

Previous month AISC has cancelled the license of another OTC derivative issuer, AGM Markets.

 

TAGS: ASIC  Berndale Capital  license cancelled  scam  Australia 
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