POWERED BY MOMENTUM MEDIA
ASIC moves on SMSF companies
The Australian Securities and Investments Commission last week succeeded in obtaining Supreme Court orders winding up 11 companies involved in self-managed superannuation arrangements.
ASIC announced that the 11 companies were part of the Melbourne-based PFS Group and that Justice Philip Mandie of the Supreme Court of Victoria had ordered that Pitcher Partners be appointed as the liquidator of the 11 companies.
The court adjourned ASIC’s application seeking declarations that the self-managed superannuation companies and three directors Shaun Oliver White, Nicole White and Damian Tolson had engaged in false and misleading conduct in relation to the carrying on of a financial services business.
The court also adjourned ASIC’s application that the directors should be banned from the financial services industry and as company officers.
The application followed ASIC’s earlier move in obtaining orders appointing a provisional liquidator to PFS Development Group Pty Ltd and 10 other companies as well as restraining Shaun Oliver White, Nicole White and Damian Tolson from carrying on business relating to superannuation.
In August ASIC successfully applied for orders restraining the three directors and the PFS group companies form carrying on a financial services business without holding an Australian Financial Services Licence.
ASIC has alleged that, among other things, the parties had misled investors and acted unconscionably, leading investors to roll over approximately $800,000 of existing superannuation funds into self-managed superannuation funds, while also persuading investors to invest a further $700,000 into joint venture investments.
AUTHOR
Mike Taylor
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
