The Australian Securities and Exchange Commission (ASIC) cancels Australia’s Financial Services license (AFS) of Calaite Capital Partners PTY LTD after paying compensation from the latest solution compensation system (CSLR).
On July 8, 2024 and 31 October 2024, Australia’s financial complaints (AFCA) made two determinations against Calaite Capital, which Calaite Capital failed to pay. Subsequently, on April 2, 2025, CSLR paid two payments totaling $ 267,235.57 for AFCA determinations and alerted ASIC. As a result, on May 5, 2025, ASIC cancels Calaite Capital’s AFS license.
When CSLR pays compensation to an eligible consumer in relation to the determination of AFCA and alerts ASIC to the details of the business that failed to pay the compensation, ASIC must cancel the AFS license or the business credit license.
The cancellation is not subject to revision of discretion or worth.
CSLR was founded in June 2023, starting with businesses in April 2024. It can pay up to $ 150,000 in compensation to consumers who have non -paid determination by AFCA for authorized personal financial advice, credit ratings, insurance and other credit or other credit ratings, eligibility.
The AFCA complaint process must first be completed before the requirement to be deposited with CSLR. All reasonable measures to obtain compensation by the financial company must be taken before the CSLR payment.