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ASIC moves on super switching scheme
The Australian Securities and Investments Commission (ASIC) has successfully moved against a Victorian man and nine related companies involved in advising investors to roll over their superannuation funds into self-managed schemes.
The action represents a second result from the regulator’s super switching campaign aimed at ensuring advisers fulfil their obligations with respect to providing advice to clients on switching superannuation funds.
ASIC announced on Monday that it had obtained interim orders in the Victorian Supreme Court restraining the man, Shaun Oliver White, and nine related companies from carrying on a business relating to superannuation.
It said that orders had also been obtained appointing provisional liquidators to PFS Business Development Group Pty Ltd and eight other companies.
The companies that form part of the PFS Group restrained from carrying on a financial services business without holding an Australian Financial Services License or, from carrying on a business related to superannuation interests were:
~ PFS Business Development Group Pty Ltd;
~ PFS Construction Consulting Group Pty LTd;
~ PFS Construction Consulting Group (Ashridge Lane A) Pty Ltd;
~ PFS Construction Consulting Group (Ashridge Lane B) Pty Ltd;
~ PFS Construction Consulting Group (Ashridge Lane C) Pty Ltd;
~ Kaluski White and Associates (Black Gully Road) Limited;
~ Merdian Event Management Pty Ltd;
~ Nycam Werd Pty LTd;
~ Kaluski White & Associates Pty Ltd (in administration); and the individuals:
~ Shaun Oliver White, Nicole White and Damian Tolson.
ASIC has alleged that, amongst other things, the PFS Group misled investors and acted unconscionably, leading investors to roll over approximately $800,000 of existing superannuation funds into self-managed funds the PFS Group established for them while also leading investors to invest a further $700,000 into joint venture investments with the PFS Group.
Commenting on ASIC actions, the regulator’s executive director of enforcement, Jan Redfern said they emphasised the serious issues that faced consumers who were considering transferring their superannuation into a self-managed superannuation fund.
AUTHOR
Mike Taylor
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