ASIC has begun a civil penalty action against an SMSF group over conflicted remuneration payments tied to the recommendation and acquisition of property.

Seven years after van Eyk Research’s closure, ASIC has brought legal action against its former CEO, alleging he used his position to dishonestly gain an advantage for himself.

The federal government has appointed a new ASIC chair from outside the organisation who will take on the role from 1 June from current chair James Shipton.