Australia’s financial regulator wants to stop a property investment promoter from allegedly acting without a licence.

Australia’s financial regulator wants to stop a property investment promoter from allegedly acting without a licence.

The property investment promoter, called Park Trent Properties Group Pty, is the subject of proceedings launched in the Supreme Court of New South Wales by the Australian Securities and Investments Commission, ASIC said in a statement yesterday.

Park Trent’s business promotes the use of self-managed superannuation funds (SMSFs) to purchase investment property, the statement said.

“ASIC alleges and is seeking declarations that Park Trent is unlawfully carrying on a financial services business without an Australian financial services (AFS) licence. ASIC understands that Park Trent has advised at least 500 members of the public to establish and switch funds into an SMSF which are then used to purchase investment properties that are owned or promoted by Park Trent companies,” it continued.

“ASIC is also seeking orders requiring Park Trent to notify current and former clients about the proceeding and to post a notice regarding ASIC’s proceeding on its website,” it said.

ASIC commissioner Greg Tanzer said: “Collectively, Australians hold over A$1.85 trillion (around $1.6 trillion) worth of assets in superannuation funds, with A$557 billion held in SMSFs. It is important when making decisions regarding superannuation to consider obtaining appropriate advice from an authorised financial advisor.”

‘