FCA orders winding up of Superfunded
The Federal Court of Australia has made orders by consent to wind up Western Australia-based company Superfunded, following interim injunctions made against its director and shareholder last month.
The order follows a finding last year that Superfunded had engaged in illegal conduct by carrying on a financial services business without an Australian Financial Services Licence (AFSL).
The specific conduct involved promoting a business that encourages people to set up self-managed superannuation funds to invest in the Superfunded Loan Investment Trust. The Trust then lends money to home buyers for house deposits.
The Australian Securities and Investments Commission (ASIC) had previously obtained interim injunctions against Superfunded, its sole director, Max David Goldenberg, and sole shareholder, Mark Travis Goldenberg. These orders prevented a range of activities including the provision of financial services and accessing client or investor assets.
Last month, ASIC applied to the Federal Court for a liquidator to be appointed, predicting Superfunded’s bankruptcy.
ASIC Commissioner, John Price, warned that consumers should be warier when signing up to programs to set up self-managed superannuation funds (SMSFs).
“This case serves as a reminder to consumers approached to set up SMSFs to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation,” he said.
Jason Tracy of Deloitte was appointed as liquidator.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.