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.
Minister for financial services, Stephen Jones, has unveiled details about what areas superannuation funds can charge members for advice as well as confirmed they can ‘nudge’ their members to take action.
Making concessional and non-concessional contributions to superannuation funds are among the most common queries asked by financial advisers, according to AMP.
Minister for Financial Services, Stephen Jones, has doubled down on his plans for super funds to provide advice, saying they need to ‘step up’ when it comes to advice for members.
The government’s first consultation on its Delivering Better Financial Outcomes reforms includes clarification for super funds around paying for financial advice through one’s superannuation account.