Refocus Financial Group faces ASIC
The Australian Securities and Investments Commission (ASIC) has taken action against Refocus Financial Group, its operator, Brett Andrew Gordon, his partner, Heather Jean Swift, and Consultia, of which Swift is the sole director.
Following an investigation, ASIC alleged Gordon recommended that clients establish self-managed superannuation funds (SMSFs), and then advance unsecured loans to Diverse Capital Management, which was liquidated in May this year.
ASIC alleged that at least 10 clients loaned $1.4 million to Diverse on Gordon’s recommendation, and both Gordon and Swift used those funds for personal use and as working capital for Refocus.
ASIC also alleged Gordon and Refocus entered into other unsecured loan agreements to borrow funds from SMSF clients of Refocus, which have no yet been repaid, and the planner has continued to provide financial services despite being unlicensed.
The regulator has sought orders to appoint a provisional liquidator to Refocus and Consultia, prevent Gordon and Swift from dealing with their assets, and restrain Gordon from providing financial services.
AUTHOR
Anastasia Santoreneos
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
