ASIC has cancelled the Australian financial services licence (AFSL) held by Sydney-based Brava Capital Pty Ltd, previously known as Dayton Way Securities Pty Ltd between 2010 and August 2023.

The licence cancellation took effect on 5 February 2024, after ASIC was notified by Brava Capital that it no longer provides financial services.

Background

Brava Capital held an AFSL since 15 March 2011, under which the company was authorised to provide financial product advice to retail and wholesale clients. In October 2023 Brava Capital was charged with criminal offences relating to the failure to lodge financial accounts following an investigation by ASIC (23-287MR).

Brava Capital is connected to Sydney businessman David Sutton, who was previously a director of the company between 2010 and 2023. ASIC permanently banned David Sutton on 29 June 2023 from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business. Mr Sutton was also disqualified by ASIC from managing corporations for five years (23-181MR).