Global advice group sees assets frozen by Federal Court

27 October 2023
| By Laura Dew |
image
image
expand image

A global advisory firm has been ordered by the Federal Court to freeze its funds and assets for failing to lodge financial statements.

Brite Advisors provides advisory, pension administration and asset management services to clients in Australia, the UK, the US, Switzerland and Hong Kong and also offers an investment platform to self-invested personal pension providers and self-managed super funds (SMSFs).

The regulator applied for the orders for Brite Advisors because it is concerned:

  • The current financial position of Brite is unknown, as Brite has failed to lodge with ASIC its financial statements and auditors report for the financial year ended 30 June 2022; and
  • The value of Brite’s funds under management has not been reported by any entity within the Brite Group in an audited balance sheet since December 2019.

The firm's website does not disclose an FUM and only one staff member was listed in its Australian division, although it provides contact details for offices in Perth and Sydney.

It describes the advice offering as "we believe good advice matters and we make a commitment to get to know you and understand your goals, so we can consult and guide you on a path to a more secure financial future".

"Brite offers you an all-in-one pension service – from advice to transfers to pension administration and asset management. This means we don’t use middle men or third parties – so we keep control of costs and you keep more of your retirement money," it added.

The Court ordered that Brite be restrained from removing property from Australia, diminishing the value of its property, incurring new liabilities and withdrawing or transferring any monies available in any account with any financial institution in Australia or elsewhere.

“ASIC sought the orders to help protect the beneficiaries of the assets under management by Brite, including the beneficiaries of those who have their pensions or superannuation funds invested on the Brite Platform.”

The orders are in place until a further hearing before the Court, listed for 9 November 2023.

ASIC’s investigation is ongoing.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

18 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago