ASIC closes Victorian land banking scheme
The Australian Securities and Investments Commission (ASIC) is launching legal action against a land banking scheme known as the Realestate Equity Investment Trust (REIT), and its associated company, Timeline Project Management.
ASIC alleged that REIT has operated as a managed investment scheme with no responsible entity after previous and now liquidated manager Lotus Pty Ltd had its Australian financial services licence (AFSL) cancelled in September 2016 for compliance breaches.
Since 2013, at least 82 investors had invested a total of at least $800,000 into the REIT scheme and had been making payments in respect of their investment to Timeline Project Management.
The matter of the Lara-based scheme would be heard on 4 August at the Federal Court in Melbourne and is part of ASIC’s ongoing investigations into land banking.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
