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.
The good news for investors and the advice fraternity is that genuinely independent property advice practices have been operating for some time to help investors maximise their results and minimise their risks at every stage of their property journey, ie not just at acquisition.
Direct property is on the minds of many investors so the opportunity for advisers is to align with such property specialists to ensure their clients don’t suffer at their owns hands or fall prey to those with a sales agenda.
Buyer beware is a good point Sean. I often wonder what the result would be if there was no PI cover, no compensation, and it was all buyer beware.
I would suggest that consumers would seek advice only from experienced, qualified and licensed advisers. Could even be a win for the FPA and AFA here. That means consumers would actively look for the advisers who SHOULD be giving advice not ones who pose as being licensed advisers..
How about we name and shame the so called ‘financial planning referral partner’ instead of yet again bringing the entire industry into disrepute. No legitimate financial planner would go within a bulls roar of scumbag property spruikers like this (who ironically usually start their rhetoric by bagging planners)
Well,well what do you expect,there are too many of these unscrupulous persons in the property investment, financial advise ,and investing in general space.They are mostly greedy and out for themselves with no concern for the investor.So, go and learn,educate one’s self and read about investing,and leave the third person /party out of it completely.It works for me,I learnt the hard way.A $5,000.00 fine is laughable,considering the financial loss and hurt investors incurr as result of this type of practice.They should be banned from the industry completely and forever,in other words ZERO tolerance!!Maybe them we will all benefit and start trusting this industry,but I for one don’t and won’t trust it at all!!!
Buyer Be Aware
Cheers
Sean