ASIC takes Advanced Wealth Financial to court
The Australian Securities and Investment Commission (ASIC) has taken court action against Richard Gardner, a former financial adviser, and Advanced Wealth Financial Services for providing financial services with no licence.
According to the regulator, Gardner provided recommendations to his clients to establish a self-managed superannuation fund (SMSF) in order to buy newly constructed investment properties.
He also recommended specific properties for development as well as specific developers or builders to construct those investment properties.
At the same time, Gardner was said to have received substantial commissions from the builders and developers, ASIC said.
Advanced Wealth Financial was not licenced to provide financial services, but only credit services.
The matter would be heard in the Supreme Court in Brisbane in February while ASIC would continue its investigation.
AUTHOR
Oksana Patron
Recommended for you
Equity offerings should be “seriously considered” by advice firms if they want to attract experienced advisers with the option viewed as a major differentiator for candidates seeking their next role.
DASH Technology Group has enacted two internal promotions, appointing a chief risk officer and chief commercial officer to strengthen the firm’s governance and operational capabilities.
The Stockbrokers and Investment Advisers Association has announced the appointment of its new chief executive following the exit of Judith Fox after six years.
Insignia Financial has appointed an experienced financial advice leader as head of education and advice on its Master Trust business, who joins from Ignition Advice,
