On 14 December 2018, ASIC commenced proceedings in the Supreme Court of Queensland against Advanced Wealth Financial Services and Richard Gardner, according to a statement.
Mr Gardner and Advanced Wealth had advised clients to set up self-managed superannuation funds (SMSFs) to facilitate the purchase of investment properties in relation to which Mr Gardner received substantial commissions, ASIC said.
On 12 February 2019, the court ordered that Mr Gardner and Advanced Wealth pay ASIC’s costs of the application, fixed at $10,000.
ASIC said the court also made the following declarations:
- Between 29 April 2016 and 9 November 2018, both Advanced Wealth and Mr Gardner contravened section 911A of the Corporations Act 2001 by providing financial advice to clients to set up SMSFs to facilitate the purchase of investment properties in Australia without holding an AFSL;
- Mr Gardner, as the sole director and responsible decision-maker for Advanced Wealth, was knowingly concerned in Advanced Wealth’s contravention of section 911A of the Corporations Act between 29 April 2016 and 9 November 2018.
According to ASIC’s financial adviser register, Mr Gardner and Advanced Wealth are not currently licensed nor authorised to provide financial services.
Licensed…… ASIC surgically amputes your head with a hammer.
Unlicensed…. ASIC sends in the kittens.
WOW. He didnt have to pay licensing costs, conpliance costs, PI insurance and has recommended complet financial products and escapes with a 10k fine. Why would anyone ever be licensed if you can do this and not even get a slap on the wrist?
There is no point wasting your time on FASEA. Just become a money coach, sell whatever you want without any client protections and best of all YOU CANT GET IN ANY TROUBLE.
What a joke ASIC and the regulators are. I wonder what will happen when there arent any advisers left to blame for everything?
Mortgage brokers ????
Yep….
https://www.heraldsun.com.au/news/breaking-news/watchdog-guns-for-qld-financial-adviser/news-story/a4567c3eb8449f57de0baa44d8207100
But every prior article refers to him as either a financial adviser, investment adviser or simply an adviser….
there are going to be a whole lineup of people in the media, industry and regulators, plus industry bodies who will have to find another way to make a living (other than fleecing, small hardworking decent advisers) after 2024
you have until December 2023 to find work folks better get on it, pronto. we won’t be around to fund you any longer.
If you are unlicensed then you can escape penalty free. So the question is why should I be licensed? Truly asymmetrical risk attached to the licensed adviser.
Fair dinkum , no wonder the country is up the SHht . He would have made more than $10k from his Qld white shoe brigade property flog . So the net would be no deterrent ???
Mate he would have made more than 10k for each property… This should be serious jail time or people will keep doing it.
What , so the white shoe brigade in Qld stills goes on 8)8) Awaiting the next chapter with popcorn in hand ASIC !!!!