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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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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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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