ASIC went after real estate agents over unlicensed advice

ASIC has revealed it was forced to take action on more than a dozen incidents of real estate agents giving unlicensed advice in the wake of the early super scheme.

ASIC followed up on 124 reports of real estate agents advising tenants to apply for early release of super to pay their rent and issued 13 warnings to real estate agents to rectify their behaviour. ASIC also had its enforcement teams look “more intensely” at a number of matters, but said there was unlikely to be further action.

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“The conduct isn’t continuing, and we’ve seen a huge amount of walk back from real estate agents,” ASIC executive director for assessment and intelligence Warren Day told the joint committee on corporations.

A private school was also given a copy of ASIC’s initial letter after it tried to advise parents on how to pay fees.

ASIC went after real estate agents over unlicensed advice
ASIC
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