Hi All,
I’m passionate about this one. How do you spell Karma?
I have seen lives destroyed or suicides from people/firms like this, such unethical practices are increasing in the large pool of money that is Self Managed Superannuation Funds and I completely support the announcement by ASIC – lets hope the appropriate resources are provided to target other promoters that continue to provide recommendations on SMSF Property without a AFSL and even planners that are providing recommendations that are just plain rubbish, driven by commissions and not the best interests of the client. Those of us in the industry know who they are. Just to be clear, SMSFs are regulated under the Corp Act, if you provide advice on SMSF property without the appropriate license you will get caught. This will not bring down park trent only stop them from spruiking SMSF Property (or will it?).
I know there is a Park Trent scam thread but this deserves its own.
http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-299mr-asic-seeks-court-order-to-stop-property-promoter-from-providing-unlicensed-financial-product-advice-on-smsfs/Hope this helps and raise a glass.
Cheers, Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
I think this is a good thing Ivan
However I suspect that like most things ASIC do it will need to nothing.
If these people were serious then they should be prosecuted.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Latest update on Park Trent.
Cheers
Yours in Finance.
0-40 properties in a decade.Ask me how.Richard Taylor | Australia's leading private lender
Yes it sends a message but there are still few consequences for their actions
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
That’s all well and good, but the reality is that regulating the property advice industry is so low on the list of the governments radar of things to do, it will just never happen in the short term, if ever. Governments have been lobbied for years on end to clean the industry up, but it obviously hasn’t happened to date and won’t any time in the near future. Of course this breach falls into the AFSL category, but I guess time will tell as to how affected the “victims” are. It can take sometimes up to 5 years to know that the advice you were given wasn’t great advice, so like most breaches, it will likely just be swept under the carpet.
The only thing we can really do is focus on providing the best advice possible to clients to ensure their returns and investment choices well outperform the market.
Dave Ward | Geronimo Finance
http://www.geronimofinance.com.au
Email Me | Phone MeProperty Investor, Property Investment Expert & Advisor, Finance Expert & Strategist
Latest update on Park Trent.
The ASIC notice referred to in the article has just been taken off Park Trent’s website, but it’s still available in the wayback machine here:
http://parktrent.com.au/about/asic-notice/
The gist of it is that Park Trent has never held a financial advisor’s license (AFSL) but has been shown to have provided advice, either directly or through others, to influence individuals to set up Self Managed Super Funds to invest in property. The notice says further that they are restrained from giving advice until they are licensed, and that they must publish this notice online for 90 days.
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