Christopher Malcolm Edwards has been banned from providing financial services for 10 years as well as from controlling (whether alone or with others) an entity that carries on a financial services business, and from performing any functions involved in the carrying on of a financial services business over the same period.
ASIC is concerned that Edwards carried on a financial services business without an AFSL and arranged for his clients to:
· Set up SMSFs.
· Roll over funds into SMSFs.
· Invest these funds in debentures issued by companies controlled by Edwards.
ASIC’s review of a sample of clients identified that Edwards provided financial product advice over four years. It also found that in providing that financial product advice, Edwards did so with sufficient system, repetition and continuity such that he was carrying on a financial services business without holding an AFSL or holding an authorisation from an AFSL.
Furthermore, ASIC found that Edwards’ conduct in approaching his accounting and legal clients and making recommendations that they invest in companies that he controls was particularly serious.
The regulator is also concerned about an inherent and significant conflict of interest given Edwards’ obligations to his clients as a solicitor and/or accountant on the one hand, and his personal interest in securing funding for his companies for property developments on the other.
As a result, ASIC has reasons to believe that Edwards:
· Is not a fit and proper person to provide financial services, perform functions as an officer of and/or control an entity that carries on a financial services business.
· Does not have the judgment, skill or character to participate in the Australian financial services industry.
· Is likely to contravene a financial services law.
The ban took effect from 15 September 2025 and has been recorded on ASIC’s banned and disqualified register.
Edwards is a solicitor, registered tax agent, a registered SMSF auditor and a registered real estate agent. He is involved in providing legal services, accounting services, real estate and mortgage brokering services and property development.
Edwards operates a business as a sole trader in Richmond, NSW, under the name Christopher M Edwards Solicitors and Accountants (Business).
He does not hold any qualifications relating to financial planning.
Edwards raised funds from his clients for property developments in NSW and Queensland. ASIC found that he arranged “Deeds of Agreement” between clients and companies he controls, where the clients provide the relevant company with money for three or four years and are promised at the end to receive the principal and a fixed rate of interest. In some instances, the interest is paid on a quarterly basis.
ASIC found that the Deeds of Agreement are debentures and therefore a financial product within the provisions of the Corporations Act.
Since 1 July 2016, the law requires all accountants to be covered by an AFS licence to advise about acquiring or disposing of an interest in an SMSF – that is, they must either hold an AFS licence or be a representative of an AFS licensee.
ASIC found that Edwards had knowledge and use of the accountants’ exemption and the need to have an authorisation to provide financial product advice. Ultimately, ASIC found that Edwards was aware of what constituted financial product advice and that he was not authorised to give it.
Edwards is not currently authorised to provide financial services. However, he has previously been authorised to provide limited financial services, and a ban will prevent him from becoming authorised and providing financial services in the future.
