ASIC cancels property spruikers' credit licence

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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.


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  • NPR says on 06/05/2015 03:55:38 PM

    I personally hope this sends a strong message to many operators out there who have not acted in the best interests of their clients, but rather their own hip pockets. It is a shame that many Mum's and Dad's have been taken for a ride in Queensland's regions. Often the supporting marketing material and analysis has been highly questionable...but a part of me says buyer beware as well.

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