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

Joel Robinson

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

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

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

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

Asic

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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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Popular insurance and home loan provider Virgin Money has paid more than $30,000 in penalties after the Australian Securities and Investments Commission found it misled customers through online and television advertising.
ASIC issued three infringement notices imposing a penalty of $10,200 each. The notices related to the promotion of Virgin Money’s “Quick &amp; Easy” <a href="https://www.smartcompany.com.au/finance/32519-tombstoning-financial-advisor-banned-for-life-by-asic" target="_blank">life insurance</a> product, which was advertised on television until May 2013 and online up to May this year.
The corporate regulator found while the advertisements claimed no health and lifestyle questions would be asked, the insurance application form contained specific health and lifestyle-related questions. Customers were queried about their smoking habits and weight and their responses used to calculate premiums and determine the coverage offered to them.
ASIC deputy chairman Peter Kell said in a statement the misleading advertisements were particularly concerning because life insurance is such an important decision.
“Purchasing life insurance is an important decision and consumers should be able to confidently rely on representations made to them in advertising,” he said.
Melissa Monks, special counsel at law firm King &amp; Wood Mallesons, told SmartCompany ASIC’s decision is sending a clear message to businesses.
“This is a good reminder to ensure that the terms and conditions of the claims you make in a particular campaign are accurate because the fallouts can be quite significant,” she said. “These things come very easily to a regulator’s attention when they are so obviously wrong.”
The payment of infringement notices is not an admission of a contravention of the Australian Securities and Investment Commission Act. However, Monks says infringement notices are a cheap and quick enforcement mechanism for the corporate regulator.
“It is still not an ideal outcome [for the business] and many consumers see it as some sort of admission,” she said. “Increasingly regulators are using these and particularly ASIC. This is a good warning to the financial services industry that they really need to get their messaging right because the regulator is very willing to act.”
Monks also points to the non-financial repercussions cases such as this one have on businesses.
“The brand damage that flows from something like this is significant,” she said. “And the lack of confidence customers will have in the company going forward.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Virgin Money coughs up $30,600 for misleading advertising

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Andrew Douglas McClure from Cheltehnham, Victoria, has received a five year ban after submitting falsified documents, including false accountant’s letters, as supporting evidence for home loan applications.
An ASIC investigation discovered that in 2010, McClure was referred applications from Money Choice Pty Ltd, which he processed. Money Choice’s credit licence was <a href="/news/property-investment-smsf-spruiker-matthew-george-director-of-money-choice-banned-by-asic-for-multiple-compliance-failures">banned in 2013, as well as director Matthew George given an eight year ban</a> for home loan related misconduct.
However, McClure was found by ASIC to have submitted false letters and unverified documentation in support of three loans that Money Choice referred to him. He had been a credit representative at RAMS Financial Group Pty Ltd from 1 July 2010 to 8 August 2011.
McClure admitted to creating and then submitting the false letters in relation to non-Money Choice customers as well, on four home loans in 2010 and early-2011, actions which deputy chairman Peter Kell said puts consumers in financial difficulty should they find they cannot afford them in the long run.
“We will act to ensure those who engage in this conduct are removed from the industry,” said Kell.
McClure does have right of appeal.
ASIC has been active in assisting in the conviction and banning of mortgage brokers who fraudulently submit loan documents, including a case in December of <a href="/expert-insights/mortgage-broker-convicted-of-providing-banks-false-info-to-secure-7-5m-of-loans-asic">Dural, New South Wales broker Hee Seng Lee, who secured $7.5 million of loans using falsified documents</a>.
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False accountant letters and loan documents sees ASIC dole out five year ban

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The Australian Securities and Investments Commission has banned celebrity chef Justin North and his wife Georgina North from managing corporations following their involvement in the failure of three companies.
ASIC announced today the Norths have been banned for two years and 18 months respectively, effective from 4 April, 2014.
The ASIC ban follows the <a href="https://www.smartcompany.com.au/growth/economy/26274-the-heat-is-on-in-the-kitchen---acclaimed-sydney-restaurant-group-with-150-staff-collapses" target="_blank">appointment of liquidators to award-winning Sydney restaurant Becasse</a> in June 2012 and to Etch Restaurant and North Food Catering in July 2012. 
The businesses employed 150 staff at their peak but administrators Jim Sarantinos and John Melluish of Ferrier Hodgson found the Norths’ "rapid growth" led to a "number of underlying business issues".
The regulator found the Norths failed to exercise their powers and discharge their director's duties with the requisite degree of care and diligence.
ASIC found this failure resulted in “large deficiencies” owed to creditors totalling a combined sum of over $7 million for the three companies.
ASIC Commissioner Greg Tanzer said in a statement: “ASIC's power to disqualify directors of failed companies is an important preventative measure used by ASIC to safeguard the public interest.”
North was born in New Zealand and trained in New Zealand, Australia, France and the UK before returning to Australia in 1999.
He worked under chef Liam Tomlin at Sydney's Banc Restaurant and moved through the ranks of the kitchen to the role of head chef before venturing out with his wife, who was the sommelier at Banc, to open Becasse.
North has also released two cookbooks and is well known from his appearances on MasterChef.
<a href="https://www.smartcompany.com.au/growth/economy/26274-the-heat-is-on-in-the-kitchen---acclaimed-sydney-restaurant-group-with-150-staff-collapses" target="_blank">When Becasse initially went into administration</a> North posted on Twitter from his account @JustinBecasse: "Thank you everyone for your support, to confirm Georgia &amp; I have put Becasse Group into voluntary administration with a view to restructure.
"In the meantime it is business as usual. We will post more updates soon.
"The support and messages have been overwhelming, sorry we haven't been able to respond to all, come by and eat with us soon."
The restaurant closed shortly afterwards and North’s Twitter account is no longer active.
Persons banned by ASIC have a right to appeal their banning to the Administrative Appeals Tribunal, and may lodge their appeal within 28 days.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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ASIC bans celebrity chef Justin North after $7 million restaurant collapse

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The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Banksia Mortgage Limited.
Banksia Mortgage is the mortgage provision arm of Victoria’s Banksia Financial Group, a non-bank lender which <a href="/news/victorian-non-bank-lender-banksia-securities-collapses">collapsed in 2012</a>.
The Supreme Court of Victoria made orders authorising Banksia Mortgages to wind up the Banksia Mortgage Fund in August last year. The portfolio of funds was sold in December 2013, with $85 million distributed to 1,200 investors.
Banksia Mortgages applied to ASIC to cancel its financial services licence earlier this month to cut costs and allow the transferal of money to another Banksia subsidiary, Banksia Securities limited.
According to ASIC, most Banksia Mortgage Fund investors have received 100% of their money plus interest, with about 108 still to be paid the entirety of their money. Banksia Securities Limited investors have so far received 80 cents to the dollar from receiver McGrathNicol.
The Banksia Financial Group’s $650 million collapse has affected thousands of investors, mostly in regional Victoria. Prior to its collapse, its equities to loan ratio stood at 3.6%, meaning that the lender held $3.60 for every $100 of loans. 
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jrichardson-uRX5hFdKfN

ASIC cancels AFS licence for mortgage arm of Banksia Financial Group

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A West Australian building company, Kalamunda’s Heritage Homes (WA) Pty Ltd (registration number 9081) and company director Paul Vincent Monkhouse, have been ordered by the Building Services Board to pay $3,500 for negligent conduct.
Heritage Homes was found to have failed to reduce to writing a total of 41 variations to home building contract working, according to an ASIC release. This is an action required under the Home Building Contracts Act 1991.
These offences were recorded as occurring between April 2009 and June 2011. They were in relation to a contract, that had been entered in to in April 2009, for a Nedlands house. The house was to have renovations and extensions, and it was valued at $458,700.
Routine checks were carried out by the Building Commission. Building Commissioner Peter Gow explained that the Home Building Contracts Act sets out the minimum requirements for contracts. It applies to home building, and associated work, costing between $7,500 and $500,000.
As a result of non-compliance, the company was fined $2,500. Monkhouse, as director and nominated supervisor, copped a $1,000 fine.
“The act is in place for a good reason; it protects both the home owner and persons undertaking home building and associated work,” said Gow.
“One of the requirements of the act is that any variation to the contract must be reduced to writing and signed by both the builder and the owner.”
This is a requirement that ensures property owners are given to accept or reject any variation to a contract before it occurs, and are not hit by additional fees at the end of the building process that they were not aware they had consented to.
“The Building Commission will continue to name those who put consumer interests and the reputation of the building industry at risk,” Gow concluded.
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Heritage Homes (WA) Pty Ltd and director to pay $3,500 for unlawful contract changes

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Wealth Within, a company specialising in education, investments, SMSF, property and finance, has paid $20,400 in penalties after being issued two infringement notices by ASIC for misleading online advertisements through their websites.
The advertisements were in relation to their individiually managed account services, the Direct Equity Managed Account Service. One ad that ran online from 30 June 2011 to 5 March 2013 was found to 'overstate' the true returns for the portfolios being advertised.
A second advertisement from 5 March 2013 to 17 October 2013 could have mislead investors into believing that the returns they could personally achieve would match or be similar to those advertised. ASIC discovered that each investor would have a differing return, due to the nature of the service.
Deputy chairman for ASIC, Peter Kell, said that they would continue monitoring all forms of advertisements to help consumers make informed decisions.
"Consumers make important financial decisions based on the advertisements they see, read or hear. It is vital that organisations promote their product in a way that is not misleading in any way," he said.
ASIC notes that the payment of an infringement notice is not an admission of a contravention of the Act.
ASIC has recently been fairly bullish on taking action against misleading advertising, including <a href="/expert-insights/media-super-limited-latest-to-pay-penalty-under-asic-misleading-ad-crackdown">fining Media Super in January</a>. SMSF 'SuperHelp' magazine advertising also <a href="/guides/smsf-superhelp-magazine-advertising-on-asics-radar-after-free-claims">saw themselves paying a fine last month</a>.
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Wealth Within pays $20,400 after ASIC infringement notices

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A ban made against Edward Richard George of Mudgee, New South Wales, has been reduced to three years - from a previous lifetime ban - after the Administrative Appeals Tribunal found that the claim he was "not of good fame or character" was not justified.
In March 2014, a decision to reduce his ban was made by the AAT. The initial ban was made by ASIC and stopped George from providing financial services and engaging in credit activities. The ban of three years commenced from 31 July 2013, meaning George will be able to operate by mid-2016.
The AAT said that George did complete five applications for deposit guarantees and falsified loan approval documents to support these applications, but maintained that while this was dishonest it was "out of character".
ASIC had found that on two occasions between March and July 2011, he had submitted eight documents for four deposit guarantees and one home loan - these had been for himself and four clients. False information included loan approval letters, employment letters and payslips.
A deposit guarantee, or deposit bond, is a substitute for cash when a buyer looks to purchase a home. The false letters were issued to Deposit Power.
ASIC found he engaged in dishonest conduct after an <a href="/news/asic-bans-edward-george-from-mudgee-after-quest-home-loans-investigation">investigation looked into George’s conduct when he was a broker operating under the name Quest Home Loans</a>.
"Mr George’s dishonest conduct is incompatible with the honesty, integrity, diligence and judgment that is required of those in the industry," ASIC deputy chairman Peter Kell said at the time of the permanent ban.
AAT stated that although there is reason to believe he may not be a fit and proper person to be involved in credit activities, the evidence of his referees, his remorse and the out-of-character nature of the actions meant that the seriousness of the misconduct should be reduced.
The Mortgage &amp; Finance Association of Australia had previously suspended George from being a member for two years, with effect from 29 August 2011.
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Life ban reduced to three years for Quest Home Loans broker

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GUEST OBSERVATION
Credit makes us and credit breaks us – ancient Roman debtors cut into pieces by their angry creditors under the law of the Twelve Tables knew it, as does ASIC, tasked with regulating the many mortgage brokers, traders, and intermediaries landing somewhere in the middle of credit and debt.
<a href="https://www.abc.net.au/4corners/" target="_blank">ABC’s Four Corners program</a> last night investigated the pitfalls of using lenders of last resort and the impact of self-described “mortgage trader”, Ian Lazar. Raising serious questions about the conduct of Lazar, the program also suggested ASIC has failed to address the problems facing those caught up in the unlicensed lending market, despite having, as implied on the program, significant powers to do so.
In <a href="https://www.asic.gov.au/asic/asic.nsf/byHeadline/ASICs%20response%20to%20Four%20Corners%20story%20A%20Lender%20of%20Last%20Resort?opendocument" target="_blank">a statement responding to the program</a>, ASIC said it had already assessed a number of complaints against Lazar and would “carefully assess any further complaints”. But it said:
"ASIC has limited resources and we target our enforcement efforts towards matters that have a wider public impact, particularly where they involve retail investors. As a result ASIC generally does not intervene in private, commercial disputes for the benefit of one party."
<blockquote>
ASIC has largely ignored the unlicensed lending market, preferring instead to focus its investigations on wayward licence holders, despite periodic public concern about the behaviour of mortgage traders.
</blockquote>
This is not the first time ASIC’s role has been criticised. In 2011, while accusing Lazar under Parliamentary privilege of defrauding theatrical entrepreneur Kevin Jacobsen, Nationals Senator John Williams said the dispute was a “glaring example of how ASIC can’t be relied upon”.
ASIC’s advice to consumers drawn - or sometimes dragged - into these predicaments, is to remain level-headed and focus on the lending contract. This is good advice – but borrowing in tight situations is often not about level-headedness.
How credit is regulated
ASIC has been responsible for overseeing credit licencees since 2010, when the National Credit Act established a national scheme for all credit providers, finance brokers and other intermediaries.
Since 2003 it had been working to improve standards in the mortgage broking sector, using strategic enforcement action, reviews of consumer problems and working with consumers and industry on codes of practice. So it can’t be said it was unaware of the hurdles it faced.
The National Credit Act calls for those performing a credit service - including acting as an intermediary - to hold a credit licence from ASIC. Applicants must be “fit and proper” and once licensed, avoid conflicts of interest. The definition is wide enough to catch direct, or indirect, assistance to a consumer.
Engaging in credit activities without a licence can incur a civil penalty of up to A$340,000 and a criminal penalty of up to $34,000 and up two years imprisonment, enforced by ASIC.
A person acting as an intermediary in the “chain” between a consumer and lender under a credit contract, or a lessor under a consumer lease, must also hold a credit licence, even if that person has no direct contact with the consumer.
In Information Sheet 101, ASIC explains when conduct amounts to a “referral” in relation to credit activity under the National Credit Act. Important here is when it will not – this is when a referral involves merely informing the consumer that a particular credit activity can be provided, where it can be provided, and any commission payable.
The grey area
Lazar’s description of his activities as “mortgage trading” is not the same as mortgage broking, but the two have a very delicate common denominator – the borrower/consumer.
The National Credit Act is certainly aimed at protecting consumers involved in lending situations. But ASIC has largely ignored the unlicensed lending market, preferring instead to focus its investigations on wayward licence holders, despite periodic public concern about the behaviour of mortgage traders.
Just like the second-tier lending market and mortgage broking, the problems in unlicensed or business-to-business lending involve many aspects which make it hard to simply point to any one cause for the problems that arise.
As the National Credit Act focuses on consumers, ASIC leaves commercial lending arrangements to be monitored by the parties in those arrangements. In certain situations ASIC can use its Corporations Act powers together with the National Credit Act to give it a broad, although not absolute, scope in relation to credit arrangements.
How the regulations are applied is a problem; consumer desperation and gullibility is a problem; inappropriate lending practices and advice is a problem, and as criticism on Four Corners implies, policing by ASIC may be a problem.
Clearly establishing evidence in a world of secret arrangements and little documentation is also a problem. To use its powers under the National Credit Act, ASIC would need identify that the relevant credit arrangements concerned borrowers/consumers who were natural persons, (not corporations or businesses), and this may partly explain why the regulator had not pursued the matters outlined on Four Corners. It should also be noted that where fraud is implicated the matter may more appropriately fall to the police to investigate.
ASIC now needs to use the experience it has accumulated in relation to consumer protection and lending practices, as well as the power it has under the National Credit Act. It is in a good position to make a difference.
Michael Quilter is senior lecturer at the Department of Accounting and Corporate Governance at <a href="https://mq.edu.au/" target="_blank" style="line-height: 1.3em;">Macquarie University</a><img src="https://counter.theconversation.edu.au/content/25255/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/too-many-battles-for-asic-four-corners-and-lenders-of-last-resort-25255">original article</a>.
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Too many battles for ASIC? Four Corners and lenders of last resort

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Today's ASIC submission to the 2014 Financial System Inquiry, released this morning, is filled with much discussion about the financial advice industry. However, it also takes a good look at consumers and the way that we seek out investment advice and information.
It explained that when it comes to investing and making financial decisions, there are five key points that affect our decision.
<blockquote>
"There is potential for effective marketing to target and, in some cases, exploit these biases".
</blockquote>
"Research from psychology indicates that the 'rational' investor that underpins traditional economic theory does not exist. Instead, people are simply 'normal', and their decisions are motivated and influened by a complex mix of cognitive, social and emotional factors," it notes.
The five factors they point out as heavily influencing investment choices, for better or worse, are the following:
<ol>
<li>
Behavioural biases 
</li>
<li>
Low levels of financial literacy 
</li>
<li>
Lack of access to good quality financial advice and factual information 
</li>
<li>
Information and choice overload 
</li>
<li>Length and complexity of disclosure</li>
</ol>
These five points might be opening you up to exploitation, but they can also cloud judgement when trying to look logically at comparing investment opportunities.
Behavioural biases
The first, behaviour biases, particularly when it comes to decision making biases, are claimed to be put into a number of groups:
<ul>
<li>Preferences - Often influenced by emotions e.g. immediate gratification often valued over future gain, choices made to avoid negative emotions, such as stress, or to promote positive emotions, such as security.</li>
</ul>
<ul>
<li>Beliefs - People approach decisions with pre-existing beliefs that are likely to influence those decisions e.g. over-extrapolating a small number of observations, or being over-confident about the likelihood of certain events occurring.</li>
</ul>
Property Observer likens this to investors who claim that an investment can only be good if it has a view, or is within walking distance to some-amenity-or-other. Sweeping statements can fall into this category.
<ul>
<li>Decision-making shortcuts - Decisions often made using heuristics or 'shortcuts' - for example, unconscious rules of thumb, which may lead people to choose options that appear familiar or unambiguous without weighing up all the options.</li>
</ul>
"Specific attributes of financial and credit products - such as their complexity, risk, uncertainty and long-term nature - can accentuate people's natural inclination to eschew difficult reasoning and fall back on these behavioural biases," explains the report.
<blockquote>
Behavioural biases can include:
PREFERENCES
BELIEFS
DECISION-MAKING SHORTCUTS
</blockquote>
Here, they warn, there is "potential for effective marketing to target and, in some cases, exploit these biases... As a consequence there is a risk that investors and financial consumers will acquire products and services that are not aligned with their financial situation, risk profile, objectives and needs."
Clearly, it's worth investors keeping an eye on their own ingrained biases.
Low levels of financial literacy
Financial literacy is the second mentioned point, and covers the "application of knowledge, understanding, skills and value in consumer and financial contexts and the related decisions."
At present there is no rigorous financial literacy teaching in schools, particularly around property, leaving many to their own devices and others' advice.
"For individual investors and financial consumers, knowing how to make sound money decisions is a crucial skill in today's world, regardless of age. It is a 'core life skill for participating in modern society.' It affects quality of life, opportunities people can pursure, their sense of security and the overall economic health of society," the report continues.
Past conversations with Smart Property Adviser's Kevin Lee has proven that there is a growing support, particularly in the real estate community, for these skills to be taught at school.
Lack of access to good quality financial advice and factual information
The next is access to financial advice. While ASIC is, clearly, discussing financial planners - noting that less than 40% of the Australian adult population has seen a financial planner - there are some interesting observations. Those over 50 or with a higher socioeconomic status are more likely to head to a financial planner, while those with a lower socioeconomic status or who are under 25, are less likely.
<blockquote>
At present there is no rigorous financial literacy teaching in schools, particularly around property.
</blockquote>
Despite this, "Industry studies have shown that investors and financial consumers who access financial advice benefit financially as a result of the advice, even after the cost of the advice is taken into account."
The reasons for not seeking out advice include the aforementioned lack of financial literacy, a perception of advice being out of reach, a lack of trust in advisors, the scale of advice (with some wanting it bit-by-bit rather than all at once), wide access to general advice, and the overall cost of advice itself.
Information and choice overload
Anyone who has spent 10 minutes on Twitter can attest to the abundance of material online, and it doesn't just stop with the ever-growing content available on the internet. Books, catalogues, seminars and even television shows boast huge amounts of information to sift through that can sometimes work out counterproductive, and paralytic.
"Regardless of their demographic characteristics or level of experience, many investors were overwhelmed both by the volume of information available, and the difficulty in assessing the validity of the available information," the report explained.
<blockquote>
Not only is there too much information, but it's not all trustworthy either.
</blockquote>
Not only is there too much information, but it's not all trustworthy either, and it can be difficult to tell the difference.
Length and complexity of disclosure
Lastly, disclosure is a huge issue. The more paperwork thrown at investors, with disclosure sheets and documentation, the safer that everyone is meant to feel. However, with the length of some contracts being almost outrageous, it's hardly surprising that the length and complexity if these documents has made the list.
While ASIC has attempted to help consumers in this respect, bringing in summarised home loans' key fact sheets in the past among other initiatives, it appears that there's still much confusion around this complex information.
Which of these is causing you to spin your wheels the most? What would you like to see the industry fix up?
 
MORE ARTICLES ABOUT INVESTMENT PSYCHOLOGY:
<a href="/news/the-psychology-of-hotspotting-exclusive-interview-with-ben-kingsley">The psychology of hotspotting, exclusive interview with Ben Kingsley</a>
<a href="/expert-insights/investing/the-psychology-of-achievement-do-you-have-what-it-takes">Mark Bouris: The psychology of achievement: Do you have what it takes?</a>
<a href="/news/nsw/the-market-psychology-behind-the-sydney-property-boom-pete-wargent">The market psychology behind the Sydney property boom: Pete Wargent</a>
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