Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC cracks down on SMSF property groups

The corporate watchdog says property spruiking is the “largest concern” facing the SMSF sector after a Federal Court case found one property developer scammed hundreds of investors.

Advertisement
Advertisement

PROMOTED CONTENT


>Commissioner Greg Tanzer stressed the importance of a recent Federal Court ruling that Gold Coast property developer Craig Gore and associates duped hundreds of investors into investing in a property scam in the US, according to Fairfax reports.

"The judgement did confirm our view that those who promote and make recommendations to investors about establishing an SMSF or using an existing one to recommend that they manage their assets in a particular way or dispose of superannuation assets are carrying on a financial services business and therefore need a licence," Mr Tanzer said.

"Obviously the judgement goes further than that and makes [a] finding about the conduct of individual directors and that they were knowingly concerned in those contraventions and the result of that unlicensed activity is that a number of investors lost substantial funds."

Since the establishment of the SMSF task force in 2012, ASIC has been meeting regularly to examine what it considers “high-risk and emerging SMSF issues”, such as property spruiking to SMSFs.

ASIC cracks down on SMSF property groups
mortgagebusiness

Latest News

Risks to financial stability could be building as house prices and debt levels keep rising, the Reserve Bank has cautioned. ...

The big four bank has unveiled its response to past regulatory issues, a program meant to improve its risk management and accountability.  ...

The proposed acquisition of Westpac PNG and Westpac Fiji by Kina will no longer proceed, it has been confirmed. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.