self managed super fund

When Self Managed Super Funds Go Wrong!

When Self Managed Super Funds Go Wrong!

The Australian housing market is currently in a time of downturn, dropping 4.8% in the last year. In context, that’s the most significant fall since the Global Financial Crisis. While a slip in the market will affect many homeowners to some degree, those who have purchased investment property through a self-managed super fund (SMSF) may be especially at risk.

ASIC commences civil penalty proceeding against Westpac for poor financial advice

ASIC commences civil penalty proceeding against Westpac for poor financial advice

ASIC has commenced proceedings in the Federal Court of Australia against Westpac Banking Corporation in relation to alleged poor financial advice provided by one of its former financial planners, Mr Sudhir Sinha.

ASIC permanently bans former NAB financial adviser

ASIC permanently bans former NAB financial adviser

ASIC has permanently banned Mr Max Kiattisak Eung (also known as Kiattisak Eungpongpan), of Tempe, New South Wales from providing financial services and engaging in credit activities.

ASIC bans mortgage broker from credit for three years

ASIC bans mortgage broker from credit for three years

Mr Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. ASIC found that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between about $130,000 and $179,000.

MEDIA RELEASE: Royal commission not the answer to recovering lost investments

MEDIA RELEASE: Royal commission not the answer to recovering lost investments

The Turnbull government’s Royal Commission is putting the financial services industry under the spotlight, with many people wondering what to do if they have been a victim of bad financial advice. 

Financial advice firm to pay $1 million penalty for breach of best interests duty

Financial advice firm to pay $1 million penalty for breach of best interests duty

The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.

John Dimitropoulos permanently banned by ASIC from financial services and credit in connection with property and SMSF spruiking

John Dimitropoulos permanently banned by ASIC from financial services and credit in connection with property and SMSF spruiking

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).

EXPOSÉ: This Year’s Biggest Investment Scam

EXPOSÉ: This Year’s Biggest Investment Scam

 

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.

ASIC has banned financial adviser Lawrence Toledo from providing financial services for seven years.

ASIC has banned financial adviser Lawrence Toledo from providing financial services for seven years.

ASIC has banned financial adviser Lawrence Toledo from providing financial services for seven years.

ASIC bans former Magnitude Group adviser

ASIC bans former Magnitude Group adviser

The Australian Securities and Investment Commission (ASIC) has banned Perth financial adviser Jason Sean Atkins from providing financial services for a period of three years.