The Australian Securities and Investment Committee (ASIC) said on Tuesday that it had canceled the AFS license (AFS) for Calaite Capital Partners Pty Ltd.
The move comes after paying compensation to consumers under the compensation scheme in the last resort (CSLR).
ASEC said that Calight Capital failed to comply with two decisions issued by the Australian Financial Complaints Authority (AFCA) on July 8 and October 31, 2024.
The company did not pay the required compensation, which prompted CSLR to intervene on April 2, 2025 with payments totaling 267,235.57 dollars.
As required by law, ASIC canceled the company’s AFS license on May 5, 2025. Under CSLR legislation, when the company fails to fulfill its obligations and CSLR must compensate, ASIC must cancel the relevant license without authority or review.
CSLR, which started work in April 2024, can provide up to 150,000 dollars as compensation for each claim in cases that involve approved personal financial advice, securities, credit, or credit mediation, once all the recovery methods are exhausted.
Calaite Capital is one of the many companies that faces organizational work since the foundation of CSLR. ASIC now canceled a total of seven AFS licenses and four credit licenses regarding unpaid AFCA decisions.