The Victorian director of consumer affairs has slammed a property investment company and financial planning referral partner for false and misleading conduct.
Accrue Property Pty Ltd has entered an enforceable undertaking with the state’s consumer affairs watchdog after an investigation found it had made “false or misleading statements on its websites” as well as publishing fake client testimonials.
One of these claims was that the company could show investors how to use their super funds to “earn an outstanding return, regardless of market conditions or whether capital growth occurs”.
It also claimed the Accrue Landbanking system could turn an investor’s super fund into a “goldmine – to purchase an appreciating asset, without taking a cent out of your own pocket”.
The company has agreed to remove all false and misleading claims as well as pay a penalty of $5,000 to the Victorian Consumer Law Fund.
A post on Accrue’s website reveals the company has close links to the financial planning sector.
“In addition to providing expert property advice, we also consult with our affiliates in the financial planning industry to ensure that our members receive the latest professional and trustworthy financial assistance,” the post said.
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