ASIC, Compliance

Former adviser in court over SMSF, property advice

The Australian Securities and Investments Commission (ASIC) has taken court action against a credit representative and former financial adviser for providing financial services, including SMSF services, without a licence or authorisation.

ASIC has begun proceedings in the Supreme Court of Queensland against Richard Gardner and Advanced Wealth Financial Services, and has alleged both Gardner and the firm provided financial services without the proper licence.

Following an investigation, ASIC alleged Gardner recommended clients establish an SMSF to facilitate the purchase of newly constructed investment properties.

The corporate regulator also alleged Gardner recommended specific properties for development to clients and recommended specific developers or builders to construct those properties.

As a result, it is alleged he received significant amounts of commissions from the builder or developer used for the construction of the investment property.

Gardner and Advanced Wealth Financial Services are only licensed and authorised to provide credit services, not financial services.

ASIC is seeking final orders to restrain Gardner and Advanced Wealth Financial Services from conducting a financial services business unless authorised.

The case will be heard in the Supreme Court in Brisbane on 12 February.

ASIC’s investigation is continuing.

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