ASIC acts on early release super operator
Another alleged early release superannuation promoter has been the subject of action initiated by the Australian Securities and Investments Commission (ASIC).
The regulator announced this week that it obtained consent orders in the NSW Supreme Court against Gerard Karl Little in respect of allegations he was involved in the operation of an unlicensed financial services business known as the Little Super Fund, which offered people early access to their superannuation.
The orders restrain Little from leaving or attempting to leave Australia as well as providing financial services, dealing with or disposing of any assets held on behalf of the Little Super Fund, and dealing with or disposing of any assets he may hold personally, except for the payment of ordinary living expenses and legal fees.
ASIC said its investigations were continuing with the assistance of the Australian Transaction Reports and Analysis Centre and the Australian Taxation Office.
AUTHOR
Mike Taylor
Recommended for you
State Street Global Advisors has made an equity investment in Ethic, a platform helping financial advisers to produce bespoke portfolios, reflecting the greater client demand for customised portfolios.
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
