ASIC announced this afternoon that the Supreme Court of NSW has handed down final orders further to the judgment delivered against Park Trent Properties Group on 15 October 2015.
ASIC said the court made the following orders against Park Trent:
• declarations that Park Trent had unlawfully carried on an unlicensed financial services business for over 5 years by providing advice to clients to purchase investment properties through an SMSF; and
• a permanent injunction against Park Trent restraining them from providing unlicensed financial product advice to clients regarding SMSFs.
The orders also require Park Trent to post a notice on its website outlining the orders made against it, according to ASIC.
“The publication of a notice on its website appropriately recognises the seriousness of Park Trent’s contravention and the public interest in bringing Park Trent’s conduct to the attention of the community,” said his Honour Acting Justice Sackville in his judgement.
Further, ASIC commissioner Greg Tanzer said this outcome sends a message that there are “serious consequences for property spruikers who break the law by providing unlicensed financial advice”.
Brilliant- they are no longer able to provide “unlicensed financial product advice to clients regarding SMSFs”. I didn’t think anyone was allowed to?
All well and good, ASIC did a great job as did the courts, but what is ASIC doing about accountants who are still giving the exact same advice, have no license and don’t care about compliance etc….
Pretty weak consequences. How about at least sending the notice to all their clients they have dealt with in the period?