Unlawfully providing advice to clients to purchase investment properties through SMSFs

The Supreme Court of NSW has handed down final orders further to the judgment delivered against Park Trent Properties Group Pty Ltd on 15 October 2015.

The court made the following orders against Park Trent:

• declarations that Park Trent had unlawfully carried on an unlicensed financial services business for over 5 years by providing advice to clients to purchase investment properties through a self-managed super fund (SMSF)
• a permanent injunction against Park Trent restraining them from providing unlicensed financial product advice to clients regarding SMSF’s
  ASIC Commissioner Greg Tanzer said: “This outcome sends a strong message, that there are serious consequences for property spruikers who break the law by providing unlicensed financial advice”.