ASIC takes court action against former adviser
The corporate regulator has begun proceedings in court against a former adviser and his firm, alleging it was providing financial services with no licence or authorisation.
ASIC commenced proceedings in the Supreme Court of Queensland against Richard Gardner, a credit representative and former financial adviser, and Advanced Wealth Financial Services.
It is seeking final orders to restrain Mr Gardner and Advanced Wealth Financial Services from carrying on a financial services business unless authorised.
ASIC said Mr Gardner and Advanced Wealth Financial Services were providing financial services with no licence or authorisation.
Following an investigation, ASIC alleged that:
- Mr Gardner recommended clients establish a self-managed superannuation fund to facilitate the purchase of a newly constructed investment property;
- Mr Gardner recommended specific properties for development to clients;
- Mr Gardner recommended specific developers or builders to construct the investment property;
- Mr Gardner received substantial commissions from the builder or developer used for the construction of the investment property.
ASIC noted Mr Gardner and Advanced Wealth Financial Services are not licensed nor authorised to provide financial services, only credit services.
The matter will be heard in the Supreme Court in Brisbane on 12 February 2019. ASIC said its investigation is continuing.
‘We’re fish in a barrel’: dealer group CEO
EXCLUSIVE The division between advice industry groups when it comes to political...
FPA-backed academic journal announces awards
The Financial Planning Research Journal, published by Griffith University on be...
‘Role of licensee has to change’
EXCLUSIVE The role of licensees has to be reviewed, a boutique dealer group has ...