The Australian Securities and Investments Commission (ASIC) has pursued another successful prosecution with respect to people promoting illegal, early release superannuation schemes.
Brisbane broker Denis Jon Davis in early March consented in the Federal Court to permanent injunctions relating to his involvement in a scheme promoting the illegal and early release of superannuation benefits.
Davis also consented to a declaration that he carried on a financial services business without holding an Australian Financial Services Licence.
The declaration and permanent injunctions followed an application by ASIC filed in December and the issuing of interlocutory injunctions by the Federal Court against Davis and another promoter of the scheme, Mark Walter David.
ASIC Deputy Director, Enforcement, Allen Turton says ASIC is closely examining businesses which offer to facilitate the early redemption of superannuation benefits and will take action to ensure that businesses offering early redemption illegally are brought before the courts.
“Consumer should be aware there are limited circumstances in which members of super funds can access their superannuation benefits early,” he says “ASIC advises consumers to only deal with those who are licensed to provide advice in relation to superannuation interests.”
