Key Insights
- Australia’s ASIC cancels financial services license of Sydney firm Brava Capital
- Brava, formerly known as Dayton Way Securities, said it no longer provides advice
- Firm linked to businessman David Sutton who ASIC banned from financial services
SYDNEY (MarketsXplora) – Australia’s corporate regulator said on Friday it has canceled the financial services licence of a Sydney firm connected to a businessman permanently banned from the country’s finance industry last year.
The Australian Securities and Investments Commission (ASIC) revoked the licence of Brava Capital Pty Ltd, previously known as Dayton Way Securities, after being notified it was no longer providing advice to retail and wholesale clients.
Brava Capital held an Australian financial services license (AFSL) since 2011, the regulator said in a statement. But the company and its former director David Sutton faced scrutiny from authorities.
Sutton was disqualified from providing financial services, managing companies and controlling financial firms for at least five years in June after an ASIC investigation found improper use of client money.
Brava, where Sutton was a director between 2010-2023, was then criminally charged in October for failing to lodge financial accounts amid the ongoing probe into its activities, ASIC said.
With the AFSL now cancelled, Brava can no longer provide financial services or products requiring a licence from the regulator. The licence permit covered a range of advisory activities when active.
ASIC, which has pursued dozens of court cases against finance firms and advisers in recent years, did not provide further detail on the decision to revoke Brava Capital’s permissions.