ASIC has commenced proceedings in the Supreme Court of Queensland against Richard Gardner, a credit representative and former financial adviser; and Advanced Wealth Financial Services Pty Ltd (Advanced Wealth Financial Services).
ASIC alleges that Mr Gardner and Advanced Wealth Financial Services were providing financial services with no license or authorisation. Following an investigation, ASIC alleges that:
- Mr Gardner recommended clients establish a self-managed superannuation fund to facilitate the purchase of a newly constructed investment property;
- Mr Gardner recommended specific properties for development to clients;
- Mr Gardner recommended specific developers or builders to construct the investment property;
- Mr Gardner received substantial commissions from the builder or developer used for the construction of the investment property.
Mr Gardner and Advanced Wealth Financial Services are not licensed nor authorised to provide financial services, only credit services.
ASIC is seeking final orders to restrain Mr Gardner and Advanced Wealth Financial Services from carrying on a financial services business unless authorised. The matter will be heard in the Supreme Court in Brisbane on 12 February 2019.
ASIC’s investigation is continuing.
ASIC is Australia’s integrated corporate, markets, financial services and consumer credit regulator.
ASIC’s vision is for a fair, strong and efficient financial system for all Australians.
To realise vision ASIC will use all our regulatory tools to:
- change behaviours to drive good consumer and investor outcomes
- act against misconduct to maintain trust and integrity in the financial system
- promote the strong and innovative development of the financial system
- help Australians to be in control of their financial lives.
ASIC’s registry mission is to provide efficient and accessible business registers that make it easier to do business.
ASIC is an independent Commonwealth Government body. We are set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and we carry out most of our work under the Corporations Act 2001 (Corporations Act).
