Mr Dimitropoulos' banning arises from ASIC's ongoing investigation into a property and self-managed superannuation fund (SMSF) promoting group, which includes the companies formerly called Heritage Financial Solutions Australia Pty Ltd (in liq) (Heritage Financial Solutions) and Sunpac Finance Pty Ltd (Sunpac Finance).

Over the last few years there has been a steep increase in the number of people being poorly advised to put their retirement savings into a Self-Managed Super Fund (SMSF) and then borrow to invest into off–the-plan property.

Financial advisers have a clear duty to act in their clients' best interests. In some cases, advice to establish an SMSF for the sole purpose of purchasing a property may not be in a client's best interests, particularly where the SMSF borrows funds to enable the purchase.

ASIC found that Gerard Manley from Wilson Advisory and Stockbroking engaged in conduct that was misleading or deceptive, or likely to mislead or deceive, clients and employees of Wilson Advisory and Stockbroking Limited (Wilsons).

ASIC has permanently banned former financial adviser Neil Bruce Trower from providing any financial services. Neil Trower is a former representative of Millennium 3 Financial Services Pty Ltd (M3), and a former employee of Lifestyle Financial Services (Qld) Pty Ltd a corporate representative of M3, who provided risk advice from the outer Brisbane suburb of Cashmere.