ASIC takes court action against former financial adviser

ASIC alleges that Richard Gardner, a credit representative and former financial adviser, and Advanced Wealth Financial Services were providing financial services with no licence or authorisation.

Following an investigation, ASIC alleges that:

- Mr Gardner recommended clients establish a self-managed superannuation fund to facilitate the purchase of a newly constructed investment property;

- Mr Gardner recommended specific properties for development to clients;

- Mr Gardner recommended specific developers or builders to construct the investment property; and

- Mr Gardner received substantial commissions from the builder or developer used for the construction of the investment property.

"Mr Gardner and Advanced Wealth Financial Services are not licensed nor authorised to provide financial services, only credit services", ASIC said.

ASIC noted it is seeking final orders to restrain Mr Gardner and Advanced Wealth Financial Services from carrying on a financial services business unless authorised.

The matter will be heard in the Supreme Court in Brisbane on 12 February 2019.