ASIC cancels property spruiking firm’s credit licence
A property spruiking firm placed in liquidation has had its credit licence cancelled by the Australian Securities and Investments Commission (ASIC) following concerns on its loans and property ownership structure.
ASIC investigated the conduct of a group of people and companies related to Heritage Financial Solutions - previously known as Heritage Financial Solutions Australia, and Heritage — Freedom and Security (Heritage Financial Solutions) and now David Parry Finance.
The investigation involves advice to investors to establish a self-managed super fund (SMSF) for real estate investment in Queensland and arranging finance for those investments.
Investors have been encouraged to ensure the loans to their SMSFs and their property ownership have been structured in compliance with the Trustees' superannuation law obligations.
David Parry Finance was placed into liquidation on 26 March.
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