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ASIC takes action on property spruiking firm

ASIC takes action on property spruiking firm

Reporter
06 May 2015

ASIC has cancelled the Australian credit licence of a property spruiking firm in an ongoing investigation involving advice to investors to establish an SMSF for investment in Queensland real estate.

The corporate regulator cancelled the licence of the company, formerly known as Heritage Financial Solutions Australia Pty Ltd and Heritage – Freedom & Security Pty Ltd (Heritage Financial Solutions), because the company, currently known  as David Parry Finance Pty Ltd, was placed into liquidation on 26 March 2015.

According to an announcement this morning, the action is part of an ongoing ASIC investigation into the conduct of a group of people and companies related to Heritage Financial Solutions, involving advice to investors to establish an SMSF for investment in Queensland real estate and to arrange finance for those investments.

ASIC stated it is concerned about the way the loans and property ownership have been structured.

“Investors who obtained advice or finance from people associated with the company formerly known as Heritage Financial Solutions should contact their lender and, if necessary, obtain independent professional advice to ensure that the loans to their SMSFs and their property ownership have been structured in compliance with the Trustees' superannuation law obligations,” ASIC stated.

ASIC takes action on property spruiking firm
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