FCA orders winding up of Superfunded

Superfunded ASIC Federal Court of Australia regulation Deloitte superannuation SMSFs

12 March 2018
| By Hannah Wootton |
image
image
expand image

The Federal Court of Australia has made orders by consent to wind up Western Australia-based company Superfunded, following interim injunctions made against its director and shareholder last month.

The order follows a finding last year that Superfunded had engaged in illegal conduct by carrying on a financial services business without an Australian Financial Services Licence (AFSL).

The specific conduct involved promoting a business that encourages people to set up self-managed superannuation funds to invest in the Superfunded Loan Investment Trust. The Trust then lends money to home buyers for house deposits.

The Australian Securities and Investments Commission (ASIC) had previously obtained interim injunctions against Superfunded, its sole director, Max David Goldenberg, and sole shareholder, Mark Travis Goldenberg. These orders prevented a range of activities including the provision of financial services and accessing client or investor assets.

Last month, ASIC applied to the Federal Court for a liquidator to be appointed, predicting Superfunded’s bankruptcy.

ASIC Commissioner, John Price, warned that consumers should be warier when signing up to programs to set up self-managed superannuation funds (SMSFs).

“This case serves as a reminder to consumers approached to set up SMSFs to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation,” he said.

Jason Tracy of Deloitte was appointed as liquidator.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

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

3 weeks 4 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 19 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

4 days 23 hours ago