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Former financial adviser banned

The Australian Securities and Investments Commission (ASIC) has banned Anthony Bishop of Chelmer, Queensland, from providing financial services for eight years. The ban came about as a result of ASIC’s Wealth Management Project, which was established in October 2014 with the objective of lifting standards by major financial advice providers. ASIC f...
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Rules changing to allow foreign buyers in to failed settlements

The Australian Government is set to implement changes under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement. The change addresses industry concerns, and means property developers won’t be left in the lurch when a foreign buyer pulls out of an off...
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New rules to shake up financial advice industry

Legislation has been introduced into Parliament to mandate professional standards for financial advisers. The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 includes: Compulsory education requirements for both new and existing financial advisers Supervision requirements for new advisers A code of ethics for the indu...
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Basketballer in court on fraud counts

Former Olympic basketballer Shane Heal has appeared in the Brisbane Magistrates Court charged with three counts of fraud under the Criminal Code (Queensland). The Australian Securities and Investments Commission (ASIC) alleges that Heal: in 2008, dishonestly gained a benefit of $250,000 from an investor for Shyfox Pty Ltd in 2009, dishonestly gaine...
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Former adviser found to be not of good fame and character

The Australian Securities and Investments Commission (ASIC) has permanently banned former New South Wales financial adviser Ashley Grant Howard from providing financial services after an investigation found he had: engaged in dishonest conduct held out that trading he was conducting was authorised provided financial services when not licensed or au...
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Report update on banks’ ‘fees for no service’ failures

The Australian Securities and Investments Commission (ASIC) has released Report 499 Financial advice: Fees for no service (REP 499), providing an update on the organisation’s work to address financial institutions’ and advisers’ systemic failures, over a number of years, to provide ongoing advice services to customers who paid fees to receive those...
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NSW strata reform – what you need to know

On November 30, important new reform affecting investors and strata occupants will commence in New South Wales. In summary, the key factors you need to take into account are: Finances – financial reporting requirements will change and there’ll be changes in timing of levy payments and interest payments on arrears levies. Those who haven’t been rais...
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Further 16 forced sales of properties illegally held

Treasurer Scott Morrison has ordered the divestment of a further 16 Australian residential properties that have been held by foreign nationals in breach of the foreign investment framework, taking the total purchase price of Australian residential real estate divested to more than $92 million. “The divestments of these 16 properties, which have a c...
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Jail and ban for property development scammer

  The Australian Securities and Investments Commission (ASIC) has permanently banned Steven Hill from engaging in credit activities and providing financial services. An ASIC investigation found that between January 2006 and February 2007, Hill, through Hill Stephens & Associates Pty Ltd and International Finance Consortium (Aust) Pty Ltd, induc...
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Dickensian approach to residential tenants lingers in Australian law

By  Eileen Webb , Curtin University A Victorian Supreme Court decision has held that landlords should ensure that residential premises are maintained in good repair, even if the property is dilapidated when the tenant goes into occupation. That this is being hailed as a “landmark” decision underscores the sometimes Dickensian approaches that still ...
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Mehajer’s disqualification upheld

  Controversial former Auburn City Council deputy mayor, property developer and tabloid headline-grabber Salim Mehajer’s disqualification from managing corporations for three years has been upheld by the Administrative Appeals Tribunal (AAT). The AAT found that Mehajer’s management of SM Property Development Pty Ltd and SM Engineering and Construct...
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Agents’ attempt to hit online main players unsuccessful

  An attempt by Property Media Group Pty Ltd (PMG) – a group representing individual real estate agents offices from all over Australia – to challenge the market control of Domain and Realestate.com.au looks set to fall over. The Australian Competition and Consumer Commission (ACCC) has issued a draft determination proposing to deny authorisation t...
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Financial group held to account over representative

  Following an investigation that commenced in January 2016, the Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) offered by My Adviser Pty Ltd. The ASIC investigation looked at the conduct of My Adviser, the holder of an Australian financial services licence, in relation to the supervision and mo...
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Former mortgage broker banned by ASIC

  The Australian Securities and Investments Commission (ASIC) has permanently banned Emma Feduniw, also known as Emma Khalil, of Brisbane, from the credit and financial services industries. The bans follow an ASIC investigation which led to Feduniw, a former mortgage broker with AHL Investments Pty Ltd (trading as Aussie), being convicted on June 3...
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ASIC bans SMSF spruiker

  The Australian Securities and Investments Commission (ASIC) has banned Ronald Cross, of Figtree, New South Wales, from providing financial services for a period of four years. Cross is the CEO and a director of Park Trent Properties Group Pty Ltd (Park Trent). On November 27, 2015, further to proceedings issued by ASIC, the Supreme Court of NSW f...
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What are the implications of privatising land title offices?

Mohsen Kalantari , University of Melbourne The New South Wales Government is set to privatise its land-titling services. This decision may provide the impetus for other states and territories in Australia to go down the same path. But what are the implications of privatising the operation of title offices for the Australian public? What are title o...
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How can we arrest the rise in white-collar crime in Australia’s property industry?

By  Hera Antoniades , University of Technology Sydney Consumers lose out when a real estate agent acts fraudulently. This includes actions such as false and misleading advertising, deceptive conduct and misappropriation of trust funds. So what is behind the increase in white-collar crime and fraudulent behaviour? And are there are any preventative ...
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