<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

Asic

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Australia's home loans industry has improved its performance over the past year, adopting better 'responsible lending' practices, according to a review by ASIC however there is still room for improvement.
ASIC's 'Review of interest-only home loans: Mortgage brokers’ inquiries into consumers’ requirements and objectives' examined how the changes implemented by lenders in response to the findings from ASIC’s report into interest-only home loans from 12 months ago last yearhave flowed through to mortgage brokers.　
According to ASIC, since the release of Report 445 in August 2015,  　
<ul>
<li>the percentage of new home loans approved by lenders which are interest-only has decreased by 12 percent; and　</li>
<li>the amount that can be borrowed by an individual consumer through an interest-only home loan has decreased, as lenders have adjusted their assessment of consumers' ability to repay, in line with ASIC's recommendation in Report 445. 　</li>
</ul>
Information provided by the mortgage brokers showed that for the six months from July 2015 to December 2015,    　
<ul>
<li>the number of new interest-only home loans fell by 16.3 percent, with total value of these loans reducing by 15.6 percent; and　</li>
<li>the percentage of interest-only loans with a term greater than five years reduced by more than half, from 11.2 percent to 5.1 percent.　</li>
</ul>
ASIC said almost 80 percent of applications reviewed included a statement summarising how the interest-only feature specifically met the consumer's requirements and objectives. This compared favourably with another finding that more than 30 percent of applications reviewed showed no evidence the lender had considered whether the interest-only loan met the consumer's requirements.　
ASIC deputy chairman Peter Kell said it is vital that mortgage brokers understand consumers' requirements and objectives to ensure they are not placed in unsuitable credit contracts.
"ASIC is pleased that our concerns about interest-only loans and responsible lending are being acted on by the home lending industry, but there is still room for improvement," her said.
Key compliance risks identified included:  　
<ul>
<li>Policies and procedures—Mortgage broker policies and procedures provided only general information, rather than tailored information on specific products and loan features that may impose increased financial obligations or restrict repayment flexibility (such as interest-only home loans); 　</li>
<li>Recording of inquiries—Record keeping was inconsistent and in some cases records were fragmented and incomplete; 　</li>
<li>Explaining the loan choice—More than 20 percent of applications reviewed did not include a statement explaining how the interest-only feature of the loan specifically met the consumer’s underlying requirements and objectives. The level of detail in these statements varied considerably and in some cases, where an interest-only loan was specifically sought by a consumer (including where this option was recommended by a third party, such as an accountant), the reason for this was not clear; 　</li>
<li>Consumer understanding of risks and costs—In some cases, where the potential benefit of the interest-only loan depended on the consumer taking specific action (for example, allocating additional funds to higher interest debt), it was unclear whether the consumer understood the potential risks/additional costs if the specific action was not taken. 　</li>
</ul>
The report details steps that mortgage brokers should take to improve their current practices, including: 　
<ul>
<li>Ensuring they understand the consumer's underlying objectives for requesting specific loan products and features;　</li>
<li>Recording concise summaries of consumers' requirements and objectives and the reason why a particular product, features and lender was chosen;　</li>
<li>Providing a statement summarising the broker's understanding of the consumer's requirements and objectives, which could also include the reason a particular loan is suggested, for the consumer to confirm before obtaining a loan.　</li>
<li>Where the potential benefits of a loan feature might require the consumer to undertake specific behaviour, ensuring consumers were aware of the action they needed to take to obtain the potential benefit, as well as the potential costs should this action not be taken.</li>
</ul>
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jonathanchancellor-7SQnKwU6yx

ASIC reports on mortgage brokers' responsible lending practices in relation to interest only home loans

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ASIC has permanently banned former Sydney finance broker, Jennifer Farias of Elderslie, from engaging in credit activities and providing financial services.
The bannings follow an ASIC investigation and criminal action against Ms Farias who pleaded guilty in the NSW Local Court in the Downing Centre in Sydney to three charges of loan fraud.
ASIC's Deputy Chairman Peter Kell said, 'ASIC's action in this matter demonstrates how serious we are about tackling loan fraud. We won't hesitate to take action against dishonest brokers who falsify documents and remove them from the industry.'
Ms Farias has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
</body></html>

ASIC permanently bans former Sydney finance broker 

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ING Bank (Australia) Limited, the promoter and investment manager of the ING Direct Superannuation Fund (Living Super), will compensate around 24,500 members approximately $5.38 million following ASIC concerns that statements made in its promotional material about the fees paid in connection with its Living Super product were potentially misleading.
In particular, ASIC was concerned that ING Bank promoted Living Super, between March 2015 and September 2016, as having 'No Fees' for the 'Cash Investment Option', 'No Investment and Administration fees' for the 'Balanced Option' and having low fees options without making it clear that customers were paid a lower interest rate on the cash portion invested with ING Bank than the rate paid by ING Bank to its Saving Maximiser customers for the relevant investment options. Some of the promotions also did not indicate the "no fees or low fees" features may not continue should ING Bank no longer be the investment manager.
ASIC discussed its concerns with ING Bank that some members of Living Super may have been misled into believing they would receive the same returns on cash investments held with ING bank as ING Direct banking customers with the Savings Maximiser product.
ING Bank has acknowledged that its communication could have been clearer and is writing to all members of Living Super to inform them that the interest rates paid on Living Super may be different to the rates paid to direct banking customers and further, that the fees for Living Super may change should ING Bank no longer be the investment manager.
ING Bank have advised ASIC they will also write to affected members informing them of the compensation paid and will not retain any of the financial benefit from the lower interest rate that was applied.
ING Bank has told ASIC that it will no longer be promoting Living Super based on No Fees or No Investment and Administration Fee. It has made changes to its internal policies and procedures to help ensure that similar potentially misleading promotions are not undertaken.
ASIC also expressed disappointment that ING Bank was promoting Living Super using product inducements to clients separate from the superannuation product such as cash payments. ASIC observes that promotions of this type are a bad practice that may encourage decisions to be made on the basis of short term considerations that may not reflect the needs of a member. ING Bank has advised ASIC that it will stop offering separate product inducements in relation to Living Super.
ASIC Commissioner Greg Tanzer said, 'This action reflects ASIC's ongoing focus on the disclosure of fees and costs in superannuation.
'Consumers need to be able to make informed decisions about their superannuation and managed investments, based on accurate and consistent fees and costs disclosure.
'Promotion of superannuation products based on low or no fees can be very influential on consumers. This makes it very important to ensure any such promotion is not potentially misleading by reducing the benefits consumers receive in exchange for the no fees or low fees features', Mr Tanzer said.
Affected members will not have to do anything to be paid this compensation. Living Super members with queries or concerns about this matter should contact ING Bank on 1800 063 965.
ASIC acknowledges the cooperative approach taken by ING Bank and Diversa Trustees Limited (the trustee of Living Super) in relation to the matter.
</body></html>

ING Bank compensates Living Super customers due to potentially misleading costs and fees statements

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Mr Madhvan Nair, a former mortgage broker with AHL Investments Pty Ltd (trading as Aussie Home Loans), was convicted and sentenced in the Downing Centre Local Court last week on eighteen charges involving the submission of false or misleading information to banks.
Mr Nair was convicted after admitting to providing documents in support of eighteen loan applications to Westpac Banking Corporation (Westpac), Australia and New Zealand Banking Group (ANZ) and National Australia Bank (NAB) knowing that they contained false or misleading information. 
The applications contained documents which purported to be from the applicant's employer. These documents were false and in most instances, the loan applicant had never worked for the particular employer.
For each and all eighteen charges, Mr Nair was convicted and released upon entering into a recognizance in the amount of $1,000 on the condition that he be of good behaviour for three years.        
In sentencing Mr Nair, Magistrate Atkinson noted that it was a serious matter and that there are tough laws for good reason.
Magistrate Atkinson described the nature of the offending in submitting 18 separate loan applications containing false information or documents as very troubling. Noting Mr Nair had no prior convictions, his ill health, the relatively small financial benefit he received, his plea of guilty and high level of cooperation with ASIC, Magistrate Atkinson stated that had any of the factors been different, the defendant may have faced full-time imprisonment.
ASIC Deputy Chair Peter Kell said, 'ASIC wants to ensure that dishonest brokers are removed from the industry and we will take all necessary steps to achieve this.'
The Commonwealth Director of Public Prosecutions (CDPP) prosecuted the matter.  
<h2>Background</h2>
ASIC's investigation found that between September 2012 and June 2014, Mr Nair submitted eighteen loan applications containing false borrower employment documents. Of the eighteen loan applications, twelve were approved and disbursed, totaling $3,256,684.  
Mr Nair received commission on those twelve loans of $7,583.49. In addition, Mr Nair received cash payments totalling $2,500 from two of the loan applicants upon approval of their loan applications. Mr Nair received a total financial benefit of $10,083.49 as a result of the approved loan applications.
The eighteen loan applications ranged in value from $10,000 to $490,875.
Mr Nair received his commission through Smee &amp; Pree Nair Enterprises Pty Ltd (ACN 091 014 756), a company controlled and owned by Mr Nair.
On 5 July 2016, Mr Nair appeared at the Downing Centre Local Court and pleaded guilty to seventeen charges under sections 160D and one charge under the former section 33(2) of the National Consumer Credit Protection Act 2009.
Section 160D (formerly section 33(2)) makes it an offence for a person engaging in credit activities to give information or documents to another person which is false in a material particular or materially misleading.
Mr Nair was sentenced on 30 August 2016.
Since becoming the national regulator of consumer credit on 1 July 2010, ASIC has taken 80 actions involving loan fraud, including 61 actions to ban individuals and companies from providing or engaging in credit services or holding an Australian credit licence. ASIC has also commenced 14 criminal proceedings involving loan fraud.
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Former Aussie mortgage broker convicted of submitting false or misleading documents 

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On 19 August 2016, the Administrative Appeals Tribunal (AAT) upheld ASIC's decision to disqualify Mr Salim Mehajer (Mr Mehajer) from managing corporations for three years. 　
The AAT found that, "Mr Mehajer's management of SMPD P/L and SMEC P/L together with his conduct in relation to their business and property, fell far short of what is reasonably expected of a director." 　
In affirming ASIC's decision, the AAT stated that the disqualification was "appropriate to protect the public and to allow Mr Mehajer time to properly acquaint himself with the duties of a director of a company and his obligations to those with whom the company may transact." 　 
The AAT also found that Mr Mehajer"adopted a cavalier approach to his management of the companies, which included their responsibility to creditors, and his duties to ensure that the companies met their legal obligations" 　
The AAT highlighted "the need for such a disqualification in the public interest as a means of protecting others from his incompetence."　
ASIC Commissioner Greg Tanzer welcomed the AAT finding, saying: "ASIC's power to disqualify directors of failed companies is an important preventative measure we use to safeguard the public interest." 　
The AAT decision was subject to a suppression order that expired on 2 September 2016 (being Friday at midnight). Mr Mehajer's period of disqualification will cease on 5 November 2018. 　
<h2 dir="LTR">Background 　</h2>
On 5 November 2015, ASIC disqualified Mr Mehajer, of Lidcombe NSW, from managing corporations under s.206F of the Corporations Act 2001for a period of three years. 　
On 9 November 2015, Mr Mehajer appealed ASIC's decision to disqualify him to the AAT. At the same time, Mr Mehajer successfully sought a stay of ASIC's decision as well as orders suppressing publication of his disqualification and AAT appeal.       　
The disqualification follows an ASIC investigation into the failures of SM Property Development Pty Ltd ACN 130 968 811 (SMPD) and SM Engineering and Constructions Pty Ltd ACN 132 853 153 (SMEC) after receiving reports from liquidators of both companies.  SMPD and SMEC operated in the property development and construction industries.　
ASIC found Mr Mehajer's inability to manage corporations to the standard expected of him caused SMPD and SMEC to fail.  Specifically, ASIC found that: 　
<ul>
<li>Mr Mehajer failed to ensure SMPD maintained adequate financial records, hindering the liquidator from making enquiries to determine whether payments made by SMPD to third parties were for a proper purpose,　</li>
<li>SMPD and SMEC failed owing $886,701 and $159,206, respectively to the Australian Taxation Office (ATO),　</li>
<li>Mr Mehajer failed to ensure SMPD complied with its statutory obligation to lodge returns with the ATO, and Mr Mehajer provided information to the liquidator of SMPD only after ASIC took criminal proceedings against him.   　</li>
</ul>
ASIC also found Mr Mehajer's conduct lacked commercial morality in that he allowed SMPD to collect GST of $315,192 from the sale of townhouses but failed to remit it to the ATO. 　
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AAT affirms ASIC decision to disqualify former Sydney director Salim Mehajer

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The former CEO of collapsed debenture issuer, Wickham Securities Ltd, was yesterday sentenced to five years' imprisonment after pleading guilty to various charges brought by ASIC, including fraud.
Garth Peter Robertson, 50, of Parrearra on the Sunshine Coast in Queensland pleaded guilty on 15 July 2016 to:
<ul>
<li>ten counts of dishonestly obtaining property totalling $761,504 from Wickham between December 2010 and November 2012;</li>
<li>one count of dishonestly obtaining $15,000 from Balmain NB Corporation Ltd in November 2010;</li>
<li>nine counts of giving or permitting the giving of false information about Wickham to its trustee, Sandhurst Trustees Ltd in 2012; and</li>
<li>one count of falsifying books relating to the affairs of Wickham in 2012.</li>
</ul>
In the Brisbane District Court yesterday, Mr Robertson was sentenced to a total of five years' imprisonment in respect of the 11 fraud offences, to be suspended after 20 months for a period of five years.
Mr Robertson was also sentenced to a total of 18 months' imprisonment for the offences relating to the false information given to Sandhurst and the falsification of Wickham's books. That sentence is to be served concurrently with the sentence imposed in respect of the fraud offences.
The Court heard that between 15 December 2010 and 27 November 2012, Mr Robertson dishonestly obtained a total of $761,504 from Wickham, which he used for his personal benefit, including for a house deposit, holiday, car, credit card and mortgage repayments and the payment of taxation debts.
On ten occasions, Mr Robertson, who was authorised to transact on Wickham's bank accounts, dishonestly directed payments of between $9,300 and $217,500 to his personal bank accounts. They were disguised as legitimate transfers in respect of some of Wickham's loan clients and creditors.  
A separate count related to $15,000 that Mr Robertson dishonestly obtained from Balmain on 25 November 2010. Mr Robertson purported to provide Wickham's bank account details to Balmain for the transfer of funds but provided his personal account details instead.
The Court also heard that between July and November 2012, Mr Robertson gave information to Sandhurst which:
<ul>
<li>falsely stated that no debentures had been issued by Wickham;</li>
<li>grossly inflated Wickham's cash holdings on eight occasions (on one occasion by $3 million when the actual balance was only $16,000); and</li>
<li>contained false information about the status of the loans advanced by Wickham, including that no loans were in arrears when in fact multiple borrowers had defaulted on the loans and no funds would be recovered by Wickham.</li>
</ul>
On 27 August 2012, Mr Robertson falsified a Wickham bank statement to give the impression that the account balance was approximately $1.6 million when the actual balance was less than $350,000.
Mr Robertson gave the altered bank statement to Wickham's accountant which was used to prepare Wickham's financial report for the year ended 30 June 2012. As a result, the financial report overstated Wickham's cash assets by nearly $1.3 million and showed net assets of approximately $900,000 when it actually had liabilities of $386,000.
On 30 November 2012, Mr Robertson gave Sandhurst a balance confirmation letter for a Wickham bank account, which he had altered to show a balance of approximately $10.8 million when the actual balance was less than $265,000.
In sentencing Mr Robertson, Judge Moynihan said that Mr Robertson took money from Wickham when he knew that the company was in trouble, which ultimately diminished the sum available to creditors of the company. Judge Moynihan said that the victims of Mr Robertson's "fraudulent and deceitful behaviour" had been adversely affected and that there were devastating consequences for those who lost money as a result of Mr Robertson's conduct.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Wickham Securities collapsed owing more than $27 million to 300 debenture holders.
 
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Former Wickham Securities CEO jailed for five years

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GUEST OBSERVATION
Land banking is a real estate investment scheme that involves buying large blocks of undeveloped land with a view to selling the land at a profit when it has been approved for development.
You may think land banking is a way to expand an exisiting investment portfolio or get into the property market, however, there are some things you should be aware of before you hand over your money. Here we explain how land banking works and the risks you take with this type of investment. 
<h2>What is land banking?</h2>
Property developers usually buy land, divide it into smaller blocks and offer it to investors. Investors either buy a plot of land or buy an option to purchase a plot of land. These are often know as 'option agreements'. The option agreement is usually triggered when the land has been approved for development by the local council.
Land banking schemes may be managed investment schemes or involve the sale of a financial product. If this is the case, there are strict legal requirements that must be met.
<h3>Concept plans</h3>
Developers often sell the plots of land from 'concept plans'. These plans are not approved subdivision plots and only offer a view of what the land could look like if it is approved for residential zoning and sub divided for development in the future.
If the land is ever developed, there is no guarantee the plot of land an investor initially buys will be the same plot of land they get in the future.
<h2>
<a id="how" name="how" href=""></a>How land banking is sold to investors</h2>
ASIC is concerned that investors who get involved in land banking schemes are not aware that the schemes are often unregulated and investors have little protection if something goes wrong.
Potential investors often hear about land banking at property spruiking or investment seminars, where they are described as 'a get rich slow option'. Glossy brochures and presentations are used to persuade investors that land banking is a cheaper way to get into the property market than through buying an investment property.
Property spruiking events and investment seminars are often high pressure environments and participants can be rushed into making a decision. People are usually not given enough time to consider the investment carefully or to receive independent advice before they sign up.
For more information about the sales tactics used at these events, see <a href="https://www.moneysmart.gov.au/investing/investment-warnings/investment-seminars" target="_blank" title="Investment seminars">investment seminars</a>.
See <a href="https://www.moneysmart.gov.au/borrowing-and-credit/borrowing-basics/avoiding-sales-pressure" target="_blank" title="Avoiding sales pressure">avoiding sales pressure</a> for our tips on resisting the hard sell.
<h2>
<a id="wrong" name="wrong" href=""></a>What can go wrong in a land banking scheme</h2>
<h3>Development approval</h3>
There is real potential that investors can be misled by developers about the prospects of rezoning or developing the land.
Some developers offer land as an investment without knowing for certain that they will get council authority to develop it. In some cases developers have also failed to tell investors that there are restrictions on how the land can be developed.
If development approval is not granted, investors are left with an unsaleable investment that is likely to be worth less than they originally paid.
<h3>Scheme collapse</h3>
It may take many years and lots of money to get planning approval. Over time, ongoing legal and planning costs can eat into the funding for the development and may lead to the development company becoming insolvent. If this happens, option holders may lose all the money they've invested.
A number of land banking schemes have collapsed in Australia and overseas without the promoted development ever proceeding.
<h3>Option agreements</h3>
Some land banking schemes have option agreements with a 'sunset clause' that is triggered 20 or 25 years from the date of the agreement if the land fails to be rezoned or developed. If this occurs, investors may lose the initial option fee they paid if there's not enough money to repay all option holders.
When investors enter into an option agreement they may also have to pay legal fees, commission payments and payments to the development company that may not be refunded if a sunset clause is triggered.
ASIC is also concerned that option holders may be misled into purchasing options in a 'concept plan' and not an officially approved plan.
<h3>Investment scams</h3>
Investors may be scammed by developers who are offering options in land that they do not own.
See our tips on spotting an <a href="https://www.moneysmart.gov.au/scams/investment-scams" target="_blank" title="Investment scams">investment scam</a>. If you suspect you've come across a scam, please <a class="external-link" href="https://www.asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/" target="_blank" title="Report misconduct to ASIC">report it to ASIC</a>.
<h3>Legal or financial advice</h3>
Many promoters of land banking schemes offer to refer you to lawyers, accountants or financial advisers. Be aware that any people you have been referred to may have a pre-existing business relationship with the promoter or developer. The developer may receive a kickback for referring you to these other professionals.
It's also possible that the lawyer, accountant or adviser you've been referred to has a personal interest in the property development.
For more information about this practice, see <a href="https://www.moneysmart.gov.au/investing/financial-advice/financial-products-and-sales-incentives#one" target="_blank" title="One stop shops">one stop shops</a>.
If you are thinking about investing in a land banking scheme, you should find your own independent financial or legal adviser.
See our <a href="https://www.moneysmart.gov.au/investing/financial-advice" target="_blank" title="Financial advice">financial advice</a> section for information about finding and working with a financial adviser.
<h2>
<a id="check" name="check" href=""></a>Checks to do before investing in a land banking scheme</h2>
If you are considering investing in a land banking scheme, we strongly recommend that you contact the local council where the land is located to ask them if the land will ever be released for development.
A land banking promoter may try to persuade you that the council is not aware of all potential developments. You should question the promoter's motivation for telling you this.
<h3>Is it a managed investment scheme?</h3>
If the developers and promoters are legally running a managed investment scheme, they must have an <a class="glossary-link" href="https://www.moneysmart.gov.au/glossary/a/australian-financial-services-licence-afsl" target="_blank" title="Australian Financial Services Licence (AFSL)">Australian Financial Services Licence</a> (AFSL) that allows them to run the scheme.
Many land banking schemes are set up to avoid the characteristics of a managed investment scheme - at least on paper.
The scheme may be a managed investment scheme if:
<ul>
<li>investors do not have day-to-day control over managing their investment</li>
<li>the scheme involves pooling investor funds</li>
<li>the funds are used to further the development.</li>
</ul>
You can check ASIC Connect's <a class="external-link" href="https://connectonline.asic.gov.au/RegistrySearch/faces/landing/ProfessionalRegisters.jspx?_afrLoop=1117254997455584&amp;_afrWindowMode=0&amp;_adf.ctrl-state=ldag3jave_4" target="_blank" title="ASIC's professional registers">Professional Registers</a> to see if the developer and the promoter hold an AFSL.
<h3>Is the scheme registered?</h3>
In most cases, it is illegal to offer units or interests in what is actually a managed investment scheme unless the scheme is registered with ASIC. You can check <a class="external-link" href="https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_afrLoop=1616527880298708&amp;_afrWindowMode=0&amp;_adf.ctrl-state=3cofxv6f2_13" target="_blank" title="ASIC connect">ASIC Connect</a> within the 'organisation and business names search' to see if a scheme is registered with ASIC. Registered schemes will have an Australian Registered Scheme Number (ARSN) that can be searched.
See <a href="https://www.moneysmart.gov.au/investing/investment-warnings/illegal-managed-investment-schemes" target="_blank" title="Illegal managed investment schemes">illegal managed investment schemes</a> to help you work out if the managed investment is legal.
Remember, if the scheme is unregistered or the operators of the scheme are unlicensed, you will have little protection if things go wrong..
<h3>Read the PDS</h3>
If the investment is a managed investment scheme you must be given a product disclosure statement (PDS). A PDS must include information about the scheme's key features, fees, commissions, benefits, risks and complaints handling procedure.
Make sure you read the PDS. If you don't understand the investment, get independent financial or legal advice.
Do not confuse the PDS with marketing material used to sell the investment such as brochures or information sheets.
<h3>Is the investment right for you?</h3>
You should also consider whether investing in a land banking scheme suits your investment goals. See invest smarter for our tips on matching an investment with your needs and objectives.
Land banking may seem like an easy way to get into the property market, however, there are many risks associated with this type of investment. Make sure you research and understand what you're getting into before you hand over your money.
For more information from ASIC's Money Smart website, <a href="https://www.moneysmart.gov.au" target="_blank">click here</a>.
 
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Property 101: Land banking and property investment schemes

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The Federal Court has today found that the Townsville directors of Storm Financial, Emmanuel and Julie Cassimatis, breached their duties as directors.  The Court also found that Storm Financial provided inappropriate advice to certain investors. 
Since around 1994, Storm Financial operated a system created by the Cassimatises, in which what ASIC considered to be "one-size-fits-all" investment advice was recommended to clients.  The advice recommended that clients invest substantial amounts in index funds, using "double gearing".  This approach involved taking out both a home loan as well as a margin loan in order to purchase units in index funds, create a "cash dam" and pay Storm's fees.  Once initial investments took place, "Stormified" clients would be encouraged to take "step" investments over time.
By the time of Storm's collapse in early 2009, approximately 3,000 of its 14,000 client based had been "Stormified".  In late 2008 and early 2009, many of Storm's clients were in negative equity positions, sustaining significant losses. 
The case that ASIC advanced against the Cassimatises centered around a sample of investors who were advised to invest in accordance with the Storm Model.  ASIC alleged that the advice provided to those investors by Storm was inappropriate to their personal circumstances, considering that each of the investors were alleged to be over 50 years old, were retired or approaching and planning for retirement, had little or limited income, few assets and had little or no prospect of rebuilding their financial position in the event of suffering significant loss. 
Among other things, it was also alleged that Storm failed to properly investigate the subject matter of the advice given to those investors.  As such, ASIC also alleged that Storm failed to do all things necessary to ensure that the financial services covered by its licence were provided efficiently, honestly and fairly.
ASIC further alleged that because the Cassimatises were responsible for the day-to-day significant decisions in relation to the provision of financial services to Storm's clients and exercised a high degree of control over its systems and processes, they had caused Storm to contravene its obligations under the Corporations Act and did not exercise their powers as directors of Storm with the degree of care and diligence that a reasonable person would have exercised in that situation.
In a 217 page judgment, Justice Edelman found that:
<ul>
<li>Storm provided advice to certain investors, that was inappropriate to their personal circumstances and failed to give such consideration to the subject matter of the advice and did not properly investigate the subject matter of the advice given.</li>
<li>
"A reasonable director with the responsibilities of Mr and Mrs Cassimatis would have known that the Storm model was being applied to clients such as those who fell within this class and that its application was likely to lead to inappropriate advice.  The consequences of that inappropriate advice would be catastrophic for Storm (the entity to whom the directors owed their duties).  It would have been simple to take precautionary measures to attempt to avoid the application of the Storm model to this class of persons." (paragraph 833)</li>
</ul>
Commissioner Greg Tanzer said, "This is an important decision which emphasises the importance of directors' duties to ensure that they do not cause the companies that they control, to breach the law.  The decision also highlights the significant obligation on financial services licensees to provide financial advice that is appropriate to the persons to whom it is given."
The matter will be listed for a further hearing at a later date to determine what civil penalties and disqualification orders should be imposed on the Cassimatises as a result of the breach of their director duties.
Background
ASIC commenced this civil penalty proceeding against the Cassimatises in late 2010.  The trial took place between 30 May and 30 June 2016.
In May 2013 ASIC secured $1.1 million in compensation on behalf of two former Storm investors, Barry and Deanna Doyle.
In September 2012, ASIC entered into a settlement agreement with the Commonwealth Bank of Australia to make available up to $136 million as compensation for losses suffered on investments made through Storm. The $136 million was in addition to payments of approximately $132 million, and other benefits that CBA had already provided to Storm investors under its Resolution Scheme.
In May 2013, ASIC intervened in the application for Court approval of the settlement of the related class action brought against Macquarie Bank in respect of Storm as it had concerns about the fairness of the settlement arrangements.  On 12 August 2013, the Full Federal Court agreed that the distribution of the settlement sum was not fair and reasonable to all group members.  Under a revised settlement, Macquarie Bank agreed to pay $82.5 million by way of compensation and costs.
In September 2014, ASIC entered into a settlement agreement with the Bank of Queensland Limited to pay approximately $17 million as compensation for losses suffered on investments made through Storm.
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Storm Financial's Emmanuel and Julie Cassimatis breached director duties

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The Australian Securities and Investment Commission has banned the director of a financial services company for six months on charges of cheating.
Anthony John Downey, of Brighton, Victoria, has been banned from providing financial services for six years following an investigation. 
Downey was, until 3 June 2015, a director of Platinum Mortgage Securities Limited.
ASIC said it found Downey engaged in misleading conduct by providing false documents to support an application for an Australian visa, knowing that the documents would be provided to an Australian government department.
ASIC found that the relevant documents prepared by Downey falsely represented that the visa applicant had made a qualifying investment with Platinum Mortgage Securities Limited.
ASIC Commissioner Greg Tanzer said, “ASIC expects directors and officers of financial services licensees to act with integrity when performing their role and, when they fail to do so, we will act to remove them from the industry.”
The matter was reported to ASIC by Platinum Mortgage Securities Limited.
Downey has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of the decision.
 
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ASIC bans former director of financial services business

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Offshore investors had been concerned about their investment through Macro Realty especially since the closure of its Singapore office.
"About time someone puts a stop to this unbridled licence by Macro Group to borrow money from tens of hundreds of investors all over the world," one source advised yesterday after the ASIC announcement.
ASIC advised Perth’s Federal Court has made the interim orders against Desiree Veronica Macpherson that required her to surrender all passports. 
"Many from our part of the world, namely Hong Kong, Malaysia and Singapore have invested significant portions of our life savings because of our high regards for the Australian financial regulatory system, natural justice and common laws.
"We have been following this development for almost a year now with little in the way of information since Macro closed their office in Singapore after fellow investors complained about not getting paid their monthly interest, and hope the authorities will take the appropriate actions in an expedient manner to ensure borrowers' interests are fully protected."
The website reports it was "proud to announce that MACRO Realty Developments has been awarded the REIT Manager of the Year Award – Singapore 2016 as part of The European Global Banking &amp; Finance Awards."
The European Global Awards recognises organisations and individuals achievements based on leadership, innovation and attention to sound corporate governance.
Earlier this year the WA State Administrative Tribunal (SAT) announced that it has granted a supervision order in relation to Macro Realty Pty Ltd following an application by Consumer Protection.
“Macro Realty is suspended from carrying on its business and controlling the agency’s bank accounts. The supervisor, Alan Ferris of BDO, will now take control of the agency’s financial operations and begin the process of winding up the agency,” the WA Department of Commerce said.
The action follows the company’s failure to appoint a person in bona fide control of the agency as required by the Real Estate and Business Agents Act. The previous person in control of the agency resigned on 9 February 2016 and Macro Realty requested a three-month grace period to find a replacement.
The three-month grace period was granted by the acting commissioner for Consumer Protection, David Hillyard, on condition that the agency submitted its monthly reconciliation summary reports for their three trust accounts for February, March and April 2016.
“The agency’s failure to adequately adhere to these conditions was cause for action to be taken to have a supervisor appointed in order to safeguard the money and property of consumers,” Mr Hillyard said.
“It is extremely important that agents understand and fully comply with any condition placed on their licence, especially relating to three-month grace periods. The risk for doing otherwise, as in this instance, can be fatal to their business,” he said.
“Immediate and decisive action will always be taken to safeguard the money and property of consumers where we believe, on reasonable grounds, that an agent is either unable or unwilling to fulfil their obligations under the Act.”
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