ASIC moves on unregistered Qld scheme
The Australian Securities and Investments Commission (ASIC) has filed an application in the Queensland Supreme Court seeking orders against an unregistered investment scheme being operated by Intertax Holdings.
The regulator sought the orders after conducting a formal investigation into the affairs of a director of the Intertax group of companies, David Jeremiah Palmer.
ASIC said the investigation had given it reason to believe that Palmer, the Intertax Group, Max Donald Collins and Philip James Trudgeon may have operated an unregistered managed investment scheme and carried on a financial services business without holding an Australian Financial Services Licence.
The regulator said it was concerned scheme investors might not have been provided with the appropriate information and protection required by the Corporations Act.
It said investigations had revealed that the Intertax Group had established at least four funds for management investment projects involving approximately 120 investors, located predominantly in southeast Queensland, who had invested around $12.5 million in the scheme.
Recommended for you
Wealth Architects chief executive Callum Mitchener details the firm’s expansion plans, following a majority stake taken by insurance distribution group Envest.
Treasurer Jim Chalmers has handed down the federal budget for 2025–26 with a focus on retaining stability and certainty for the financial services sector.
With the demand for retirement advice set to skyrocket, a professor has highlighted the importance of advisers using a multidisciplinary approach when assisting retiree clients.
The Financial Advice Association Australia has appointed a senior manager for policy and advocacy, a newly created role for the body as it ramps up its advocacy efforts.
