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.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.