ASIC takes Advanced Wealth Financial to court

ASIC/australian-securities-and-investments-commission/Advanced-wealth-financial-services/SMSF/property-investments/recommendations/

17 January 2019
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investment Commission (ASIC) has taken court action against Richard Gardner, a former financial adviser, and Advanced Wealth Financial Services for providing financial services with no licence.

According to the regulator, Gardner provided recommendations to his clients to establish a self-managed superannuation fund (SMSF) in order to buy newly constructed investment properties.

He also recommended specific properties for development as well as specific developers or builders to construct those investment properties.

At the same time, Gardner was said to have received substantial commissions from the builders and developers, ASIC said.

Advanced Wealth Financial was not licenced to provide financial services, but only credit services.

The matter would be heard in the Supreme Court in Brisbane in February while ASIC would continue its investigation.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS