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
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
