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.