Court Restrains Advanced Wealth and Richard Gardner from Carrying on an Unlicensed Financial Services Business

ASIC Richard GardnerFollowing an ASIC investigation, the Supreme Court of Queensland has made orders restraining Advanced Wealth Financial Services Pty Ltd (Advanced Wealth) and Richard Gardner from carrying on a financial services business.

Mr Gardner and Advanced Wealth had advised clients to set up self-managed superannuation funds (SMSFs) to facilitate the purchase of investment properties in relation to which Mr Gardner received substantial commissions.

On 14 December 2018, ASIC commenced proceedings in the Supreme Court of Queensland against Advanced Wealth and Mr Gardner (19-007MR).

On 12 February 2019, the court ordered that Mr Gardner and Advanced Wealth pay ASIC’s costs of the application, fixed at $10,000.

The court also made the following declarations:

  • Between 29 April 2016 and 9 November 2018, both Advanced Wealth and Mr Gardner contravened section 911A of the Corporations Act 2001 (Corporations Act) by providing financial advice to clients to set up SMSFs to facilitate the purchase of investment properties in Australia without holding an AFSL;
  • Mr Gardner, as the sole director and responsible decision-maker for Advanced Wealth, was knowingly concerned in Advanced Wealth’s contravention of section 911A of the Corporations Act between 29 April 2016 and 9 November 2018.

Mr Gardner and Advanced Wealth are not currently licensed nor authorised to provide financial services unless they hold, or are authorised by the holder of, an Australian financial services licence (AFSL).

ASIC provides information on the MoneySmart website to help people find a licensed financial adviser.