Update: The Federal Court has made orders for Superfunded to be wound up
ASIC Commissioner John Price said: “This case serves as a reminder to consumers approached to set up self -managed super funds, to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation.”
ASIC has applied to the Federal Court for a liquidator to be appointed to Superfunded Pty Ltd, a company that the regulator says was unlawfully carrying on a financial services business involving recommending the set up of SMSFs.
In November ASIC announced that it had commenced Federal Court proceedings against Superfunded and its sole director, alleging that it encouraged people to set up SMSFs and then invest in a related trust without holding an Australian Financial Services Licence.
ASIC says it is seeking a liquidator be appointed because Superfunded:
- by itself or through its officer and employees may have breached the Corporations Act and provisions of the Superannuation Industry (Supervision) Act that relate to promoters of schemes that encourage or promote the illegal early release of super;
- is no longer operational and cannot be permitted to continue or recommence it operations without the appropriate licensing and/or proper directorship;
- is not managing the SuperFunded Trust;
- is not ensuring that the Investment Loans are being serviced and interest on the Investment Loans is being collected; and/or Investors are receiving their dividends;
- has what appear to be inadequate books, records and financial accounts; and
- may be unable to pay its debts in the near future.
ASIC seeks from the Court the appointment of Mr Jason Tracy of Deloitte as liquidator of Superfunded. The application has been listed for a hearing in Perth on 10 April 2018.
ASIC says its investigation is ongoing.