ASIC has commenced “urgent proceedings” in the Federal Court of a former Sydney financial adviser regarding fees charged to clients' superannuation.
These are against David Valvo and the company Your Financial Freedom as ASIC is investigating the financial services provided by David Valvo and Your Financial Freedom during the period 1 January 2015 to 21 September 2021, regarding fees charged to client superannuation funds.
Valvo is the sole director and shareholder in Your Financial Freedom.
On the same day (5 July), the Federal Court made orders freezing the assets of Valvo and the company, restrained him from leaving Australia and required him to surrender his passport.
According to the Financial Advisers Register, Valvo was authorised by Nextgen Financial Group at the time of the alleged action. He previously worked at Insignia Platforms from December 2007 to September 2013.
It also noted he had failed to complete the relevant CPD for 2019 and 2020.
As well as his work as a financial planner, Valvo also works as a comedian, voiceover artist and impersonator at events in Sydney.
The orders were varied on 7 July and 4 August 2023 with Valvo’s consent.
The matter is listed for a case management hearing on 29 September 2023.
ASIC’s investigation is continuing.
The first Delivering Better Financial Outcomes bill passed the Senate on Thursday afternoon before sailing through the House of Representatives a few hours later as a matter of formality.
Minister Stephen Jones has made amendments to the first Delivering Better Financial Outcomes (DBFO) bill, giving superannuation trustees greater legal certainty.
The SMC has come under fire over the past week following a statement in which its CEO referred to advisers as “dodgy”.
Super funds are ramping up their financial advice offerings, with ART confirming it is already on the path to implementing a new single intra-fund advice program.
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