Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Asic

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ASIC has remade two class orders that were due to expire in 2016. 
Class Order [CO 00/213] Real estate companies and Class Order [CO 05/1243] Licensing relief for valuations of real estate companies have been remade and consolidated into ASIC Corporations (Real Estate Companies) Instrument 2015/1049.
ASIC Corporations (Real Estate Companies) Instrument 2015/1049 provides relief for vendors, licensed real estate agents and valuers from the licensing and disclosure requirements of the Corporations Act 2001 with respect to real estate companies,
ASIC remade and consolidated the previous class orders without significant change before they sunset in 2016. 
The new instrument will continue the substantive effects of [CO 00/213] and [CO05/1243] with some minor amendments. These minor amendments include:
<ul>
<li>clarifying that the disclosure relief applies to general advice and dealing and the licensing relief applies to general advice only; and</li>
<li>combining the relief provided under [CO 00/213] and [CO 05/1243] into one instrument, giving relief from s707 and 911A(1) and covering vendors, real estate agents and valuers of real estate companies.</li>
</ul>
The repeal of the class orders follows ASIC consultation in August 2015 (refer: <a href="https://www.asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-237-remaking-asic-class-orders-on-real-estate-companies-co-00213-and-co-051243/" target="_blank">Consultation Paper 237</a> Remaking ASIC class orders on real estate companies: [CO 00/213] and [CO 05/1243]). Only one submission was received.  This submission supported ASIC’s proposals and no concerns were identified.
ASIC’s policy on real estate companies is set out in Regulatory Guide 67Real Estate Companies (<a href="https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-67-real-estate-companies/" target="_blank">RG 67</a>), which has also been updated.
Background
Under the Legislative Instruments Act 2003, legislative instruments such as class orders sunset after 10 years unless action is taken to exempt or preserve them. This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.
A real estate company is a company formed for the purpose of owning and managing land and buildings. Shares in the real estate company are held by persons who wish to have an exclusive right of occupation and use of a particular area within the land or building owned by the real estate company.  A real estate company is less common than strata title and has historically been used where owners wish to exercise control over occupiers, or where conversion to strata title is not practicable.
The Corporations Act 2001 regulates interests in real estate companies because they involve ownership of shares in a company. Therefore, without relief, vendors of shares in real estate companies, real estate agents who regularly market or sell shares in real estate companies, or valuers who provide valuations of real estate companies would be subject to a regulatory burden that is unnecessary and disproportionate to the need for consumer protection. 
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jchancellor-FAypfDUnLy

ASIC remake real estate companies class orders

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ASIC has permanently banned former credit representative Tony Nguyen from the credit industry following an investigation.
Mr Nguyen, of Bankstown, New South Wales, is banned from engaging in credit activities due to ASIC finding him "not a fit and proper person to engage in credit activities". His conduct involved multiple breaches of the credit legislation and was considered serious, repeated, and dishonest.
About September 2013 and February 2014, ASIC investigations found Mr Nguyen gave eight loan applications and 30 supporting documents to a lender which contained false information about the clients' income and employment. Among the false supporting documents were:
1.   13 payslips and 5 PAYG payment summaries stating that his clients worked for companies they had never worked for;
2.   2 payslips stating that the client earned a gross annual salary of $79,706 as a warehouse assistant when in fact he earned about $38,000 gross per year; and
3.   a notice of assessment, an income tax return and an income tax return estimate stating the client earned a taxable income of $273,998 from a nail beauty salon in Fairfield West when in fact the client earned about $50,000 and owned a nail beauty salon in Gosford.
ASIC found Mr Nguyen was acting as an unauthorised mortgage broker, providing credit assistance when he was not authorised to do so by an Australian credit licensee. 
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jonathanchancellor-7SQnKwU6yx

Nail beauty salon misinformation leads to ASIC ban on home loan broker

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ASIC has commenced proceedings in the Federal Court of Australia for orders to set aside a resolution made by creditors of Midland Hwy Pty Ltd (administrators appointed) to enter into a deed of company arrangement and for Midland Hwy to be wound up.
ASIC has concerns about the proposed deed in light of various matters reported on by the administrators, Messrs Nicholas Martin and Craig Crosbie, of PPB Advisory.
The deed was proposed by Bilkurra Investments Pty Ltd and agreed to by creditors on 21 October 2015.
Under the deed, Bilkurra, who owns the land associated with the Hermitage Bendigo project, was to take over the development. 
Matters reported by the Administrators about which ASIC is concerned include:
<ul>
<li>only $1.7 million of the $24 million received from option holders in the Hermitage Bendigo project had been put towards the development;</li>
<li>Midland Hwy does not have funds to pay the $24 million back to option holders and is likely to have been insolvent from March 2012 and potentially as early as 7 September 2011;</li>
<li>up to $22.3 million of payments are likely to be subject to other claims which should be investigated by liquidators to see if they can be recovered, including substantial amounts paid to companies associated with Bilkurra for which there is no proper documentation; and</li>
<li>it is unclear whether Bilkurra has the financial resources to undertake the development.</li>
</ul>
ASIC considers that it is in the public interest for Midland Hwy to be wound up so that a proper investigation into the affairs of Midland Hwy can be conducted by independent liquidators. 
The matter was heard on 11 November 2015, with judgment reserved.
Until the hearing and determination of the proceeding has concluded, the Court has ordered that s444B(5) of the Corporations Act, which requires the administrators to execute a DOCA within a certain time, does not operate. 
Midland Hwy was the developer of a land banking scheme known as 'Hermitage Bendigo' (formerly'Acacia Banks'), located just outside of Bendigo, Victoria and was put into administration on 2 July 2015.
At the second creditors' meeting of Midland Hwy held on 21 October 2015, creditors voted in favour of the DOCA despite the Administrators recommending the company be put into liquidation.
ASIC’s proceedings are part of ASIC's wider and ongoing investigation into land banking schemes.
ASIC previously resolved proceedings against Midland Hwy to remove David Anthony Ross and Mr Richard Albarran of Hall Chadwick as the administrators.
ASIC noted in August the Bendigo land banking was promoted by the 21st Century Group.
Land banking is a real estate investment scheme involving the acquisition of large blocks of land by a promoter or developer of the scheme, often in undeveloped rural areas, who then offer portions of the land to investors. 
Land banking companies typically promote the investment with representations of high potential returns if the land is redeveloped, or if plans for rezoning and development are finalised.
Investors either purchase a lot in the land, or acquire an option to purchase a lot of land in an unregistered plan of subdivision.  The option agreement is triggered at a time that the necessary development is approved by the local council.
While ASIC does not regulate direct property investment, ASIC considers that land banking schemes, depending on the particular scheme, may be a managed investment scheme and/or a financial product and that the promoters of these schemes should therefore hold an Australian financial services licence and register these schemes with ASIC. 
 
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ASIC indicates concerns over $24 million invested in Hermitage Bendigo land banking project

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ASIC has permanently banned a Queensland mortgage broker Jiangyong (Jenny) Mao from engaging in credit activities and providing financial services after an investigation found she created and submitted false documents in support of home loan applications for her clients.
ASIC said Mao "is not a fit and proper person" to engage in credit activities, and determined she was "not of good fame or character".
"The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct," ASIC deputy chair Peter Kell said.
Mao has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
Ms Mao, of South Brisbane, Queensland operated a home loan broking company, Diamond Lady Group Pty Ltd (Diamond Lady Group) which held an Australian credit licence from 2010 until 2014. 
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ASIC bans Diamond Lady Group Queensland mortgage broker

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GUEST OBSERVER
The government’s response to the Financial System Inquiry is good news for consumers and will help promote a competitive and diverse banking and financial landscape and we congratulate the government on accepting the majority of Inquiry Chair David Murray’s recommendations, which were handed down in late 2014.
The recent announcement by the government is good news for customers and will continue to enhance the integrity, competition and transparency in our financial system in Australia. 
I’m pleased to see there will be a stronger focus on competition in the sector, through the inclusion of competition in ASIC’s mandate and also through the commitment to review competition in the financial system by the end of 2017. 
CUA hopes this is just the beginning, and that we will see a continued focus on competition going forward, including regular rolling reviews of competition within the financial system.
We welcome the requirement for transparency around vertically integrated financial advice and mortgage broking businesses, owned by larger banks, and for higher standards in financial advice and acknowledge the steps the government and regulators, including the Australian Prudential Regulation Authority (APRA), have already taken in recent months in response to recommendations which came out of the Inquiry.
The government’s decision earlier this year to not proceed with a levy on deposits was a sensible outcome which was in the best interests of Australians and customer-owned institutions like CUA. 
Likewise, I’m pleased to see the government has endorsed the steps already taken by APRA towards requiring the majors to hold more capital against home loans and the release of a discussion paper on capital levels for ADIs. Both of these are positive outcomes for consumers and customer-owned lenders like CUA. 
CUA looks forward to APRA implementing the broader international work on risk weights for mortgages - the so called Basel 4 approach - which could enable our sector to allocate more appropriate levels of capital to customers with lower loan to valuation ratios. This tailored approach has been missing from our repertoire and will be a major step forward for mutuals given our focus on the customer.
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The CUA would seek further details on some of the proposed actions and how they would impact CUA, including changes to the definitions around term deposits. 
We look forward to continuing to work closely with industry stakeholders, regulators and the Government on implementing these measures so Australians can continue to enjoy a strong, secure and competitive financial services landscape. 
 
Rob Goudswaard is Chief Executive Officer, CUA and can be contacted <a href="https://www.cua.com.au" target="_blank">here</a>.
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CUA applauds measures to promote competition in financial services

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The Supreme Court of NSW found Park Trent Properties Group Pty Ltd (Park Trent) had been unlawfully carrying on a financial services business for over five years by providing advice to clients to purchase investment properties through a SMSF.
Acting Justice Sackville said it was in the public interest that Park Trent be restrained from carrying on a financial services business.
"There is a clear public interest in the court expressing its disapproval of Park Trent’s behaviour," the judgement advised.
ASIC launched legal proceedings in November 2014 against Park Trent who, by the time of the trial in June 2015 had advised over 860 members of the public to establish and switch funds into an SMSF.
In handing down his judgment, his Honour observed that Park Trent's business model depended on "persuading relatively unsophisticated investors of the virtues of using their superannuation accounts to purchase investment properties and to establish SMSFs… Investors were influenced to make important decisions concerning their superannuation strategy with little or no genuine consideration of whether the decision took proper account of their individual financial circumstances. Some suffered financial loss as a consequence."
His Honour also referred to the role of Park Trent's CEO, Ronald Cross and referred to his "willingness to ignore legal advice as to the nature of Park Trent's statutory obligations."
Mr Cross was the person who made all significant decisions within the Park Trent Group and "who was the controlling mind of Park Trent."
The reporting structure within the Park Trent Group makes it clear that Mr Cross, as the CEO, directed the activities of all companies within the group and responsible for the strategies that were employed to persuade clients to purchase properties.
"On the approach devised by Mr Cross, where a purchase of an investment property was feasible only through an SMSF, the client was advised as to the merits of setting up an SMSF to facilitate the purchase.
"Mr Cross personally conducted many of the seminars and was responsible for determining the content of the PowerPoint presentations made at seminars
"Mr Cross’ role included training all new sales consultants, a process that took place at Park Trent’s head office in Wollongong over a period of four days.".
His Honour said that his decision "serves as a warning to others who conduct or propose to conduct businesses which seek to influence clients to establish SMSFs for investment purposes, without having the necessary licence to do so."
"I have found that the making of recommendations and stating opinions as to the desirability of purchasing investment properties was integral to Park Trent’s business.
"But that finding does not mean that an injunction would prevent other companies within Park Trent Group continuing to conduct the business of selling investment properties to clients on a commission basis. That is precisely what Park Trent’s submissions contend that the other companies (except Easy Plan) have been doing throughout the Relevant Period.
"In any event, if any companies within the Park Trent Group suffer any prejudice, it is not “unfair prejudice” within the meaning of s 1101B(1) of the Corporations Act.
"If they do sustain any prejudice, it will be because Park Trent’s business in which they have participated and from which they may have derived some benefit, can no longer be conducted unlawfully.
"It should be noted that the proposed order does not restrain Park Trent from facilitating the purchase of investment properties by means of an SMSF." 
ASIC Deputy Chairman Peter Kell said the decision demonstrates the courts, ASIC and the public will not tolerate this type of "unscrupulous" behaviour.
"Property spruikers who recommend people invest in property via SMSFs, or facilitate such an investment, and who do not have an Australian financial services licence are breaking the law.
"ASIC’s message is that anyone recommending or facilitating SMSFs as a way of investing in property will need to have a licence and provide appropriate advice that prioritises the client's interests.
‘It is important that advisers who deal with SMSFs are appropriately licenced because the important safeguards and standards that come with being licenced are in place for a sector which is of growing importance to more Australian investors."
The court was told Park Trent's business model to a considerable extent, "depends on persuading relatively unsophisticated investors of the virtues of using their superannuation accounts to purchase investment properties and to establish SMSFs (at considerable expense) to enable the purchase to proceed.
"Park Trent’s contraventions of s 911A(1) of the Corporations Act have influenced investors to purchase investment properties through SMSFs without receiving appropriate financial advice," the judgement noted.
"Investors have therefore been influenced to make decisions that expose the investors and their superannuation accounts to significant risks of financial loss (notwithstanding the optimistic projections presented to them)."
The parties have until October 29 to file submissions on the form of final orders. Subject to any submissions by the parties on costs, his honour's present view was that Park Trent should pay ASIC’s costs of the nine day trial proceedings.
ASIC established a SMSF taskforce in 2012 to focus on high-risks in this sector, including potentially inappropriate geared investment strategies and increasingly aggressive advertising for SMSFs.
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Park Trent unlawfully ran financial services SMSF advisory

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Melbourne-based Chinese mortgage brooking firm Elite Mortgage Brokers has recently agreed to make changes to its website and print advertisements in response to concerns raised by ASIC.
ASIC considered statements made by Elite Mortgage Brokers in Chinese, were misleading or deceptive or likely to mislead or deceive, namely claims of a 100% success rate, pre-approvals within 15 minutes, they were Melbourne’s largest Chinese mortgage broker and could match interest rates from all banks.
ASIC said the advertisements were made over the period October 2014 through to March 2015 in the Melbourne Property Weekly and on Elite Mortgage Brokers’ business website and were concerned statements claiming a ‘100% success rate’ were likely to be misleading because they suggest that credit will be provided to all applicants. Other claims could not be properly substantiated.
ASIC Deputy Chair Peter Kell said all representations made in advertising of credit-related products, including representations regarding the size of a business or the nature of services provided, must be accurate and able to be substantiated to avoid consumers being misled.
"This extends to ensuring consumers from non-English speaking backgrounds are not misled or deceived by advertising in a foreign language," he said.
"ASIC monitors all forms of advertising and will continue to monitor advertising targeted at non-English speaking consumers. Where necessary, ASIC will take enforcement action."
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ASIC pressures Elite Mortgage Brokers over advertising claims

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The Australian and Securities Investments Commission has released a guide to aid people in preparing their family affairs before passing on.
ASIC's MoneySmart website implores people to avoid leaving behind a financial mess and provided a range of information relating to sorting out bank accounts and finances, life insurance, updating your will and setting up a trust.
According to ASIC, if you develop a plan and put it in place, you'll make sure your loved ones will be taken care of after you have gone.
More information is available <a href="https://www.moneysmart.gov.au/life-events-and-you/life-events/money-musts-before-you-die?utm_medium=email&amp;utm_campaign=MoneySmart+tips+-+October+2015&amp;utm_content=MoneySmart+tips+-+October+2015+CID_0285e24379a5279d45b24b562a5b1177&amp;utm_source=CampaignMonitor&amp;utm_term=some%20simple%20steps%20you%20can%20take">here</a>.
ASIC has also provided a handy tool for interest-only mortgage calculations, <a href="/expert-insights/finance/asic-releases-interest-only-mortgage-calculator">which you can find here</a>, as well as a handy guide to interest-only loans for property investors <a href="/expert-insights/finance/asics-interest-only-guide-for-property-investors">available here</a>.
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Money musts before you die: ASIC's MoneySmart

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The Federal Court today made interim orders appointing provisional liquidators to companies associated with Jamie McIntyre and 21st Century land banking companies.
Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte have been appointed as provisional liquidators to corporate respondents to ASIC’s legal action commenced in August 2015.
The respondents are:
<ul>
<li>Archery Road Pty Ltd (ACN 162 921 735)</li>
<li>Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)</li>
<li>Secret Valley Estate Pty Ltd (ACN 602 817 532)</li>
<li>Kingsway South Holdings Pty Ltd (ACN 159 230 976)</li>
<li>Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)</li>
<li>Property Tuition Pty Ltd (ACN 129 421 281)</li>
<li>Education Holdings Pty Ltd (ACN 129 551 917)</li>
<li>Sourcing Property Pty Ltd (ACN 602 474 779)</li>
</ul>
In addition, injunctions were made preventing all of the respondents, including Jamie McIntyre and Dennis McIntyre from promoting the five schemes ASIC is concerned about. They are: Botanica, Secret Valley Estate, Oak Valley Lakes Estate &amp; Resort, Bendigo Vineyard Estate &amp; Resort and Melbourne Grove Estate.
The provisional liquidators have been ordered to provide a report to the court, ASIC and the respondents within 42 days by November 19 reporting on a number of matters including the solvency of the companies and the schemes, any money owing to investors and the likely return to creditors of the companies.
Jamie McIntyre, Dennis McIntyre and the companies all agreed to the orders made today.
The matter returns to court for a further directions hearing on December 4. A date for the final hearing of the matter has not been set by the court.
The Scheme known as Botanica includes land located at 805 Archer Road, Kialla, Victoria 3631 and involves Archery Road Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
The Scheme known as Secret Valley Estate includes land located at 1955 Old Sydney Road, Bylands, Victoria 3762 and involves Secret Valley Estate Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein. t
The Scheme known as Oak Valley Lakes Estate &amp; Resort includes land located at 124 Booth Road, Brookhill, Townsville Qld 4816 and involves Kingsway South Holdings Pty Ltd, Sourcing Property Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
The Scheme known as Bendigo Vineyard Estate &amp; Resort includes land located at 51 Andrews Road, Bendigo, Victoria 3551 and involves Bendigo Vineyard Estate Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
The Scheme known as Melbourne Grove Estate includes land located at 1491 Dohertys Road, Mount Cottrell, Victoria 3024 and involves Melbourne Tarniet Estate Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
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Jamie McIntyre agrees to 21st Century provisional liquidation for five land banking schemes

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ASIC has permanently banned Mr Shiv Prakash Sahay, of Lidcombe NSW, from the credit and financial services industries.
The bans follow an ASIC investigation which led to Mr Sahay being convicted on 7 July 2015 in Sydney Downing Centre Local Court on three charges of making false statements, making false documents and using false documents in home loan applications. 
He was sentenced to 350 hours of community service work.
ASIC deputy chair Peter Kell said ASIC's action against Mr Sahay shows how seriously we are about tackling loan fraud.
 'We won't hesitate to take strong action to remove dishonest brokers, who falsify loan documents to the detriment of their clients, from the industry'.
Mr Sahay has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. 
Background
On 26 May 2015, Mr Sahay pleaded guilty to three charges of:
1. making 13 false statements in loan applications submitted by him on behalf of his clients to Bankwest and Suncorp;
2. making 23 false documents in support of those false statements, mainly bank statements; and
3. using 26 false documents in loan applications submitted by him on behalf of his clients to Bankwest (a division of the Commonwealth Bank of Australia) and Suncorp Metway Limited. 
On 7 July 2015, Mr Sahay was convicted and sentenced to 350 hours of community service work  for the above three charges. 
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