ASIC cancels property spruikers' credit licence

by Adam Smith06 May 2015
ASIC has cancelled the credit licence of a property spruiker.

The regulator announced it had cancelled the credit licence of a company formerly called Heritage Financial Solutions Australia Pty Ltd and Heritage – Freedom & Security Pty Ltd. The company - currently called David Parry Finance Pty Ltd - was placed into liquidation on 26 March 2015.

ASIC said the cancellation was the result of an ongoing investigation into the conduct of a group of people related to Heritage Financial Solutions involving advice to investors to establish an SMSF to invest in Queensland real estate. ASIC said it had “concerns about the way the loans and property ownership have been structured”.

“Investors who obtained advice or finance from people associated with the company formerly known as Heritage Financial Solutions should contact their lender and if necessary, obtain independent professional advice to ensure that the loans to their SMSFs and their property ownership have been structured in compliance with the Trustees' superannuation law obligations,” ASIC said in a release.


  • by Clarke Kent 6/05/2015 11:51:44 AM

    The lenders' prudent compliance checks prior to documentation should ensure the structure and ownership were compliant.

  • by Perth Broker 6/05/2015 11:59:34 AM

    About Time they did that!!! Why does it take so long to take action against big companies like that.
    They now should have a good look at the relationship of brokers with Investment clubs /Investment Companies as they would have some nasty surprises there too.