<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Asic

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Dixon Advisory Group Limited has paid off two ASIC infringement notices at $10,200 apiece for publishing potentially misleading claims regarding self-managed super funds on its website.
ASIC had concerns a web page and video dd not correctly portray the costs and performance of SMSFs when compared to retail and industry super funds.
ASIC Deputy Chair Peter Kell said any comparisons between SMSFs and industry and retail funds, particularly regarding performance or fees, must be accurate and have a reasonable basis, and that any qualification should be apparent to a consumer when they first see the information.
"ASIC is determined that all consumers including those considering a self-managed approach to their super get accurate information, and are not misled by any form of advertising, including online and through social media," Mr Kell said..
Dixon Advisory's website and social media accounts featured a promotional video making claims relating to an independent review of the superannuating system, according to ASIC.
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po-LsXgBTHBmX

Dixon Advisory Group pays ASIC infringement notices on SMSF claims

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Around 90% of financial advice on setting up a self-managed super fund (SMSF) did not comply with relevant laws, a review by the Australian Securities and Investments Commission (ASIC) has found.
ASIC today released Report 575 SMSFs: Improving the quality of advice and member experiences and Report 576 Member experiences with self-managed superannuation funds.
ASIC reviewed 250 client files randomly selected based on Australian Taxation Office (ATO) data and assessed compliance with the Corporations Act’s ‘best interests’ duty and related obligations.
<img src="https://download.asic.gov.au/media/4780401/rep-576-infographic.jpg" alt="Rep 576 Infographic" width="500" height="353">
In 91% of files reviewed the adviser did not comply with Corporations Act’s ‘best interests’ duty and related obligations. The non-compliant advice ranged from record-keeping and process failures to failures likely to result in significant financial detriment. This included:
<ul>
<li>In 10% of files reviewed, the client was likely to be significantly worse off in retirement due to the advice;</li>
<li>In 19% of cases, clients were at an increased risk of financial detriment due to a lack of diversification.</li>
</ul>
ASIC Deputy Chair Peter Kell said the standard of advice on SMSFs must improve. ‘A healthy and robust SMSF sector is an important part of our super system. However, it is clear lots of people are setting up self-managed super funds without knowing whether this is the best option. The financial advice sector has significant work to do to lift their performance on this issue.’
ASIC will be taking follow up regulatory action, in particular where consumers have suffered detriment.
ASIC also conducted market research which included interviews with 28 consumers who had set up an SMSF and an online survey of 457 consumers who had set up an SMSF. Through this work we found a lot of people do not understand fully the risks of SMSFs, or their legal obligations as trustees.
In the online survey:
<ul>
<li>38% of respondents found running an SMSF more time consuming than expected;</li>
<li>32% found it to more expensive than expected;</li>
<li>33% did not know the law required an SMSF to have an investment strategy; and</li>
<li>29% mistakenly believed that SMSFs had the same level of protection as prudentially regulated superannuation funds in the event of fraud.</li>
</ul>
Mr Kell said, ‘Decisions about super are some of the most important a person can make. However, ASIC found there is a lack of basic knowledge of the legal obligations in setting up or running an SMSF. It is also concerning many people with an SMSF have not understood the importance of diversification, which puts their financial future at risk.’ 
ASIC also found some people had moved to SMSFs as a way to get into the property market, and were using it solely for this purpose without a wider investment strategy.
The interviews also identified a growing use of 'one-stop-shops' where the adviser has a relationship with a developer or a real estate agent whose products the person is encouraged to invest in. This put people at increased risk of getting poor advice that did not take account of their personal circumstances or is not given in their best interests.
ASIC’s findings are supported by the recent Productivity Commission super report which found smaller SMSFs (with balances under $1 million) delivered on average returns below larger funds, and that the costs for low-balance SMSFs are higher than for funds regulated by the Australian Prudential Regulation Authority (APRA).
ASIC’s SMSF report will inform its surveillance and regulatory work into the SMSF sector. ASIC will take enforcement action as appropriate, including ensuring licensees with non-compliant advisers undertake client review and remediation.
More broadly, ASIC and the ATO will have an increased focus on property one-stop-shops. This will include sharing data and intelligence, and ASIC taking enforcement action where it sees unscrupulous behaviour.
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j.ballantyne1990-6AQqhLzZaK

Most new SMSFs set up with flawed advice, and not even compliant 

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ASIC has accepted a court enforceable undertaking (EU) from Gold Coast-based accountant, Jenan Thorne of Saber Superannuation Pty Ltd after it found she had failed to act in the best interests of her clients and had prioritised her own interests above their interests.
The undertaking prevents Mrs Thorne (also known as Cenan Thorne or Cenan Dikmen) from providing financial services for a period of three years effective from 13 February 2019.
ASIC decided to review Mrs Thorne's advice when it discovered, during its investigation into Park Trent Properties Group Pty Ltd, that she was receiving referrals in relation to establishing self-managed superannuation funds (SMSFs) from Park Trent.
ASIC reviewed advice provided by Mrs Thorne when she was a representative of SMSF Advice Pty Ltd, a wholly owned subsidiary of AMP Limited, and concluded that she had advised some of her clients to establish SMSFs without taking their circumstances into account.
ASIC found that Mrs Thorne hadn't properly considered her clients' existing superannuation arrangements or explored why they were interested in investing in direct residential property through an SMSF.
When recommending SMSFs to some of her clients, she had inappropriately scoped advice by excluding insurance and retirement planning.
ASIC also found that Mrs Thorne did not adequately stress-test SMSF strategies and had recommended SMSFs to some of her clients despite inadequate evidence to suggest that the strategies would provide increased retirement benefits.
Furthermore, Mrs Thorne had recommended that her accountancy practice, Saber Accountants Pty Ltd, prepare the annual accounts and tax returns for the SMSF clients.  This led ASIC to determine that Mrs Thorne recommended the services of a related party to create extra revenue for herself.
As part of the EU, Mrs Thorne has agreed to inform all her former personal advice clients about the EU and provide contact details of her former licensee, SMSF Advice Pty Ltd. Former clients of Mrs Thorne who have enquiries or complaints regarding her advice or conduct should contact SMSF Advice Pty Ltd.
ASIC expects financial advisers to comply with their best interests duty and pay particular attention to how they scope their advice to clients.
Prior to recommending SMSFs, advisers should critically probe why a client wants to set up an SMSF and what they hope to achieve. Advisers should also give adequate consideration to risk management and succession planning before setting up an SMSF for a client.
ASIC Commissioner Danielle Press said financial advisers have a legal obligation to provide advice that is in the best interests of their clients, not prioritise their own interests or simply implement client instructions. 
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ASIC's Park Trent Properties investigation sees Gold Coast accountant step aside for three years

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ASIC has banned Queensland financial adviser James Cribb from providing financial services for four years and suspended his Australian financial services (AFS) licence, held by Mode AFSL Pty Ltd (Mode), for 10 weeks.
ASIC found that Mr Cribb failed to act in his clients' best interests when providing advice on self managed superannuation funds (SMSF). ASIC found that Mr Cribb prioritsied his own interests over those of his clients by providing advice that was likely to benefit other entities related to him, including an SMSF administration business for which he was the sole director and a shareholder.
Specifically, ASIC found that Mr Cribb had failed to:
<ul>
<li>investigate the individual circumstances of his clients;</li>
<li>adequately investigate alternative strategies and products that may have been suitable for his clients' objectives; and</li>
<li>prioritise his clients’ interests over his own.</li>
</ul>
Mr Cribb’s advice failures were identified in ASIC’s recent review of SMSF advice (18-192MR). ASIC has also suspended Mode’s AFS licence after ASIC found that Mode did not take reasonable steps to ensure that its representatives complied with financial services laws. As well as being an authorised representative, Mr Cribb was the sole keyperson and responsible manager of Mode since 20 July 2017. Mode’s AFS licence will be suspended for a period of 10 weeks from 10 July 2018 or until it obtains approval for a replacement key person and responsible manager from ASIC.  Mr Cribb's banning will be recorded on ASIC's Financial Advisers Register. 　
ASIC's MoneySmart website has useful information for clients of advisers to help them understand what to do if their adviser has been banned.　
Mr Cribb and Mode have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Mr Cribb was also an authorised representative of Axis Investment Centre Pty Ltd (Axis) from 9 August 2010 to 14 August 2017.
In 2017, ASIC undertook a large research project into SMSFs including testing whether advice providers were complying with the law when providing personal advice to retail clients to set up an SMSF. Last month, ASIC released two reports on its findings, Report 575 and Report 576 (18-192MR).
Mr Cribb’s conduct was identified by this project as he had a number of client files included in the representative sample. These client files related to advice Mr Cribb provided whilst he was an authorised representative of Axis. ASIC subsequently commenced a targeted surveillance on Mr Cribb to test a larger sample of advice he had provided whilst he was an authorised representative of Axis and Mode.
Under the Corporations Act, ASIC has the power to suspend or cancel an AFS licence where the licensee has not complied with their obligations under 912A.
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ASIC bans Mode financial adviser James Cribb in SMSF compliance crackdown

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An enforceable undertaking from Queensland-based LCL Capital Pty Ltd has been accepted by ASIC, after deficiencies were discovered in the methods of monitoring and supervising their authorised financial adviser representatives.
Timothy Bryce, who previously worked for Sherwin Financial Planners Pty Ltd, provided advice to clients through LCL Capital and brought the company under ASIC investigation.
Sherwin Financial Planners have been found as linked to now-failed property lender Wickham Securities, that was put into liquidation in early 2013. They owed $27 million to investors. This has seen angry investors in meetings with renowned Erin Brockovich and Shine Lawyers as they gear up for a class action. Other companies under the Sherwin Group included DIY Superannuation Services, Astor Funds, Reacroft Pty Ltd, Blue Diamond Investments and SP Property Pty Ltd. Wickham chief executive <a href="/expert-insights/finance/asic-freezes-assets-of-former-wickham-securities-chief-executive">Garth Robertson saw his assets frozen in 2013</a>.
LCL Capital was incorporated on 1 July 2010, and granted an AFS Licence on 5 October 2010. They have 10 authorised representatives under the licence. On 4 June 2013, ASIC conducted an investigation into Bryce's conduct, initially in relation to whether he as an individual acted against the Corporations Act. This was then widened to look at the whole company. ASIC found instances where he failed to demonstrate a reasonable basis for the advice he provided, failed to provide replacement advice to clients and failed to adequately disclose commissions payable to clients or to provide updated disclosure and additional advice documentation.
ASIC alleged failure on behalf of LCL Capital to ensure financial services were provided efficiently, honestly and fairly, to ensure authorised representatives were adequately trained and competent to provide financial services, to take reasonable steps to ensure the representative complies with the law and to demonstrate adequate resources were available to provide financial services and carry out supervisory arrangements.
LCL Capital will now submit to a regime of supervision, review and audit or the authorised representatives for a minimum of 15 months.
ASIC Deputy Chairman Peter Kell said that licensees must have adequate systems in place to ensure they’re across the actions of their representatives.
LCL Capital offers services surrounding stocks, derivatives, foreign exchange, execution and platform services, planning, super, insurance and mortgages.
Tim Bryce’s LinkedIn account notes that he is an LCL Capital director, “SPAA SMSF Specialist adviser across Queensland and the Northern Territory. Providing tailored financial and estate plans for our retail and wholesale clients alike. OnePath Adviser Life Risk Board member and AFA Rising Star 2013 finalist.”
It notes his employment at LCL Capital has been for almost two years.
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LCL Capital's enforceable undertaking accepted by ASIC

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Property investors are increasingly using self-managed super funds (SMSF) as low cost investment vehicles.  
But recent moves by the Australian Securities and Investments Commission (ASIC) serve as a helpful reminder to SMSF investors that nothing comes for free.  
ASIC issued three infringement notices to Esuperfund Pty Ltd for false or misleading online advertising. The online SMSF establishment and administration service provider has paid $30,600 in penalties after it ran advertisements and articles that misrepresented the costs and benefits of using its services or SMSFs.  The three statements ran between 31 January 2014 and 8 May 2014.
ASIC was concerned that one advertisement implied that Esuperfund clients would not pay any fees or costs when establishing a SMSF in 2014, while another article, entitled '9 Benefits of Setting Up A Self Managed Super Fund' misrepresented the costs associated with SMSFs in comparison to retail and industry superannuation funds.  
According to ASIC, a third advertisement falsely claimed that ASIC reviewed Esuperfund's operations yearly to make sure it was complying with its legal obligations.  
Esuperfund has now removed the statements from its website.  
Another SMSF service provider, Your Super Accountant, paid $2,040 after receiving an infringement notice for making potentially misleading statements about the costs of setting up a SMSF when using their services.  
Despite publishing claims on their website homepage that it was free to set up a SMSF with Your Super Accountant, investors were required to pay $200 upfront (20% of the annual administration fee) in order to be eligible for the "free" set up. The website homepage did not disclose that condition, or any others, when advertising the "free" service.  
ASIC noted that using a corporate trustee to set up a fund is never free.   According to ASIC deputy chairman Peter Kell, consumers should be on the lookout for services that advertise themselves as "free".
  "Some terms and phrases – such as "free" – have such a strong connotation for consumers that particular care should be taken so that investors are not misled," said Kell.  
"Setting up an SMSF is an extremely important financial decision and consumers should clearly understand the set up costs involved. ASIC has a particular focus on misleading claims that a financial product or service is 'free', as this may lead consumers to make inappropriate financial decisions," he said.  
Your Super Account has now amended the content on its website.
 
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Nothing is free: Two SMSF services fined by ASIC for misleading claims

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ASIC has banned former National Australia Bank branch manager, Rabih Awad, from engaging in credit activities and providing financial services for seven years.
The ban is the result of an on-going ASIC investigation, following a breach report lodged by NAB alleging that bank employees in the greater western Sydney area were accepting false documents in support of loan applications and falsely attributing loans as having been referred by NAB introducers in order to obtain undue commissions.
ASIC found that Mr Awad recklessly gave NAB information and documentation in loan applications that was false or misleading. 
Mr Awad was found to have given NAB false payslips, letters of employment, and entered false referee contact details in NAB’s lending systems in multiple home loan applications.
A majority of the false documentation submitted to NAB by Mr Awad was provided to him by a real estate agent who was previously registered as a NAB Introducer.
ASIC also found that:
<ul>
<li>Mr Awad received the false documents directly from the NAB Introducer rather than the customer, in violation of NAB’s Introducer Program; and</li>
<li>on occasion, Mr Awad received false documents from the NAB Introducer via email to his personal email account, before forwarding the documents to his NAB email account and subsequently attaching them to various customers loan applications.　</li>
</ul>
Mr Awad has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.
On 16 November 2017, NAB announced a remediation program for home loan customers after an internal review, prompted by whistleblower reports it had received, found that some home loans may not have been established in accordance with NAB’s policies.
NAB identified that around 2,300 home loans since 2013 may have been submitted with inaccurate customer information and/or documentation, or incorrect information in relation to NAB’s Introducer Program.
Mr Awad’s banning follows the permanent bans of former NAB employees, Danny Merheb and Samar Merjan (also known as Samar Awad) from engaging in credit activities and providing financial services.
It should be noted that another banker named Rabih Awad, who is a mobile lender at CBA, is not the same Mr Rabih Awad as mentioned in the ASIC judgement, according to a CBA spokesperson.
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Reckless liar loan fraud prompts ASIC ban on former NAB branch manager

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Advanced Choice Finance Pty Ltd (ACF), a former Melbourne based mortgage brokerage company, has been charged with one count of knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC.  Mr Ding Yang, director of ACF, has also been charged with aiding and abetting ACF in making the false statement.

ACF held an Australian credit licence and Mr Yang was the sole fit and proper person and responsible manager on the licence.

ASIC alleges that in or about July 2012 Mr Yang had his lender accreditation with the Bank of Melbourne terminated, and in April 2016 Mr Yang and ACF had their membership with aggregator Connective OSN Pty Ltd terminated. It is alleged that in January 2017 Mr Yang, on behalf of ACF, completed and lodged a credit licence annual compliance certificate with ASIC in which he falsely certified that none of ACF’s fit and proper people had their accreditation cancelled by a lender or their membership with an aggregator terminated.

The alleged offense pertains to section 225(3) of the National Consumer Credit Protection Act 2009.

The cancellation of ACF’s credit licence was effective from 14 August 2019. Mr Yang’s banning is recorded on <a href="https://asic.gov.au/online-services/search-asics-registers/banned-and-disqualified/">ASIC’s Banned and Disqualified Persons Register</a>.

The matter has been adjourned to 3 February 2021 for pleas to be heard in the Melbourne Magistrates Court.

 
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ASIC has charged Ding (Tim) Yang with one count of knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC.

urban.com.au

ASIC charges Ding (Tim) Yang, Victorian mortgage broker of the banned Advanced Choice Finance

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Mudasir Mohammed Naseeruddin (commonly referred to as Naseer or Mudasir) appeared in the Melbourne Magistrates Court charged last week facing seven counts of dishonest conduct.
Mr Naseeruddin was also charged with two counts of failing to exercise his power as a director and discharge his duty in good faith under the Corporations Act.
ASIC alleges that Naseeruddin dishonestly obtained superannuation funds from investors based on false representations, including representations that the funds would be invested in property development.
Naseeruddin was a director of Secure Investments Pty Ltd (Secure Investments) and Aquila Group Pty Ltd (Aquila) (both in liquidation).
ASIC also alleges that Mr Naseeruddin misused his position as a director of Secure Investments for his own benefit by using funds invested with the company to purchase shares for himself in a security company.
Each offence currently carries a maximum penalty of up to 15 years imprisonment.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.
The matter was adjourned to the Melbourne Magistrates’ Court for committal mention hearing to April 6 next year.
It was in May 2020 that ASIC commenced civil proceedings and obtained urgent interim orders in the Federal Court against Naseeruddin, Secure Investments and Aquila due to concerns of misleading and deceptive conduct and the operation of an illegal managed investment scheme.
In October 2020, ASIC obtained orders to wind up Secure Investments and Aquila and declarations that Naseeruddin had operated a financial services business without the appropriate licence.
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Secure Investments/Aqulia Group director faces seven counts of dishonesty

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ASIC has today commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia (CBA) for charging a rate of interest on business overdraft accounts substantially higher than what its customers were advised.
ASIC alleges from 29 December 2011 to 31 March 2018, CBA:
<ul>
<li>provided customers with terms and conditions for certain credit facilities that stated an interest rate to be charged or that had been charged (in most cases, 16% per annum);</li>
<li>sent periodic account statements to customers referencing the rate at which interest rate was being charged (in most cases, 16% per annum); and</li>
<li>due to a systems error, charged more than 2,200 customers a different, higher interest rate on their overdraft accounts (in most cases approximately 34% per annum).</li>
</ul>
The total overcharged interest exceeded $2.9 million.
ASIC alleges that CBA attempted to manually fix the overcharging error after a complaint was made to the bank in 2013. The manual fixes were unsuccessful, and customers continued to be overcharged. ASIC alleges that from 1 December 2014 to 31 March 2018, being within the six-year limitation period, CBA engaged in conduct that contravened financial services laws. Specifically, that on 12,119 occasions, CBA:
<ul>
<li>made a misleading representation in contravention of s12DB(1)(g) of the ASIC Act;</li>
<li>engaged in misleading or deceptive conduct, or conduct that was likely to mislead or deceive, in contravention of s12DA(1) of the ASIC Act; and</li>
<li>failed to comply with its obligation to comply with financial services laws in contravention of s912A(1)(c) of the Corporations Act.</li>
</ul>
ASIC is seeking declarations, pecuniary penalties and other orders against CBA.
The date for the first case management hearing is yet to be scheduled.
ASIC previously obtained a $5 million penalty against CBA for failures of their AgriAdvantage Plus Package for failures including overcharged interest on loans and fees.
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