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

Joel Robinson

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

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

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

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

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

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

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

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

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

Asic

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Six of Australia's largest banking and financial services institutions have paid or offered a total of $1.05 billion in compensation, as at 30 June 2020, to customers who suffered loss or detriment because of fees for no service (FFNS) misconduct or non-compliant advice.
This is an additional $295.9m in compensation payments or offers by the institutions from 1 January to 30 June 2020.
AMP, ANZ, CBA, Macquarie, NAB and Westpac (the institutions) undertook the review and remediation programs to compensate affected customers [i] as a result of two major ASIC reviews. ASIC commenced the reviews in 2015 to look into:
<ul>
<li>the extent of failure by the institutions to deliver ongoing advice services to financial advice customers who were paying fees to receive those services and</li>
</ul>
<ul>
<li>how effectively the institutions supervised their financial advisers to identify and deal with ‘non-compliant advice’ – i.e. personal advice provided to a retail client by an adviser who did not comply with the relevant conduct obligations in the Corporations Act, such as the obligations to give appropriate advice or to act in the best interests of the clients, at the time the advice was given. </li>
</ul>
The table below provides a breakdown of the compensation payments made or offered by the institution as at 30 June 2020.
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td rowspan="2" valign="top" width="99">
Institution
</td>
<td colspan="2" valign="top" width="240">
FFNS misconduct
</td>
<td colspan="2" valign="top" width="262">
Non-compliant advice <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-193mr-asic-update-on-compensation-for-financial-advice-related-misconduct/#note-iii">[iii]</a>
</td>
</tr>
<tr>
<td valign="top" width="120">
Compensation paid or offered
</td>
<td valign="top" width="120">
No. of customers paid or offered compensation
</td>
<td valign="top" width="118">
Compensation paid
 
</td>
<td valign="top" width="144">
No. of customers paid compensation
</td>
</tr>
<tr>
<td valign="top" width="99">
AMP
</td>
<td valign="top" width="120">
$145,719,911
</td>
<td valign="top" width="120">
199,425
</td>
<td valign="top" width="118">
$28,647,008
</td>
<td valign="top" width="144">
2,043
</td>
</tr>
<tr>
<td valign="top" width="99">
ANZ
</td>
<td valign="top" width="120">
$66,653,885
</td>
<td valign="top" width="120">
26,461
</td>
<td valign="top" width="118">
$39,182,569
</td>
<td valign="top" width="144">
1,920
</td>
</tr>
<tr>
<td valign="top" width="99">
CBA
</td>
<td valign="top" width="120">
$167,131,529
</td>
<td valign="top" width="120">
54,826
</td>
<td valign="top" width="118">
$9,354,027
</td>
<td valign="top" width="144">
626
</td>
</tr>
<tr>
<td valign="top" width="99">
Macquarie
</td>
<td valign="top" width="120">
$3,970,000
</td>
<td valign="top" width="120">
983
</td>
<td valign="top" width="118">
-
</td>
<td valign="top" width="144">
-
</td>
</tr>
<tr>
<td valign="top" width="99">
NAB
</td>
<td valign="top" width="120">
$368,075,052
</td>
<td valign="top" width="120">
626,863
</td>
<td valign="top" width="118">
$52,185,609
</td>
<td valign="top" width="144">
1,623
</td>
</tr>
<tr>
<td valign="top" width="99">
Westpac
</td>
<td valign="top" width="120">
$130,508,318
</td>
<td valign="top" width="120">
28,350
</td>
<td valign="top" width="118">
$34,197,446
</td>
<td valign="top" width="144">
1,647
</td>
</tr>
<tr>
<td valign="top" width="99">
Total
</td>
<td valign="top" width="120">
$882,058,695
</td>
<td valign="top" width="120">
936,908
</td>
<td valign="top" width="118">
$163,566,659
</td>
<td valign="top" width="144">
7,859
</td>
</tr>
</tbody></table>
<h2>ASIC released REP 499 in October 2016 describing systemic failures in the advice divisions of AMP, ANZ, CBA and NAB, as well as some of their product issuers. These included the failure to ensure provision of ongoing advice services to customers who paid fees to receive those services, the failure of advisers to provide those services, and the failure of product issuers to switch off advice fees of customers who did not have a financial advise.</h2>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Banks compensate fees for no service misconduct

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ASIC has published regulatory guidance to assist in the application of the new best interests duty for mortgage brokers, which is set to come into effect in 2021.
The new obligations were legislated by Parliament, in direct response to recommendations made by the Financial Services Royal Commission.
From 1 January 2021 mortgage brokers will be required to act in the best interests of consumers and to prioritise consumers' interests when providing credit assistance.
Consistent with this legislation, the guidance is high level and principles-based, but also incorporates practical worked examples.
The purpose of the guidance is to explain the obligations introduced by the Government – it does not prescribe minimum standards of conduct, nor does it impose new or additional obligations.
Regulatory Guide 273 Mortgage brokers: Best interests duty (RG 273) contains ASIC’s views on how mortgage brokers may comply with their best interests obligations at key stages of the credit assistance process.
It provides guidance on:
<ul>
<li>the effect of the range of credit providers and products brokers can access</li>
<li>recommending packages of credit products</li>
<li>the types of records that may be kept to demonstrate compliance.</li>
</ul>
‘These are important and timely reforms for the mortgage broking industry and for customers shopping for a loan. This reform was legislated by the Parliament to improve the quality of credit assistance provided to consumers. ASIC supports that objective,’ said ASIC Commissioner Sean Hughes.
‘Consumers rightly expect mortgage brokers to act in their best interests and ASIC’s guidance describes how we expect them to do so. Under these new obligations, let there be no doubt – the consumer must always come first.
‘We released this regulatory guide as early as effectively possible, to help industry prepare on a timely basis for the best interests duty and related obligations before January 2021.’
From 1 January 2021, ASIC will closely monitor conduct and outcomes to ensure mortgage brokers are complying effectively with the best interests duty.
Alongside the new guidance, ASIC has also published a report responding to feedback received during the consultation process.
</body></html>

ASIC unveils guidance scheme for mortgage brokers in preparation for royal commission-backed legislation 

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The High Court of Australia HAS published its reasons for judgment allowing ASIC’s appeal from the Supreme Court of Queensland on the question of whether Michael King, the former CEO and executive director of MFS Ltd (also known as Octaviar Ltd), was an “officer” as defined in s 9 of the Corporations Act 2001(Cth) of MFS Investment Management Pty Ltd (MFSIM). 
At the relevant time, MFS Ltd was the parent company of the MFS Group of companies (MFS Group). 
MFSIM was a subsidiary in the MFS Group and acted as a responsible entity for several registered managed investment schemes, the largest of which was the Premium Income Fund (PIF). 
The court unanimously held that Michael Christodoulou King was an “officer” as defined by s 9(b)(ii) of the Act because the provision is not limited to those who hold or occupy a named office in a corporation or a recognised position with rights and duties attached to it. 
The factual findings of the primary judge that Mr King acted as the “overall boss of the MFS Group” and assumed “overall responsibility for MFSIM” were sufficient to establish that Mr King had the capacity to affect significantly the financial standing of MFSIM.
ASIC Commissioner John Price said, ‘ASIC notes today's High Court decision, which sends a clear signal to anyone running a company – in name or in effect – that they should be responsible and held accountable for their actions.’ 
‘It provides clear guidance on who is an "officer" of a corporation and establishes that the duties and responsibilities to a company, its creditors and shareholders under the Act will apply to individuals who have the capacity to significantly affect the financial standing of a company,’ Commissioner Price said.  
‘The finding that Mr King was an officer of the subsidiary MFSIM, marks the conclusion of long-running litigation which commenced in 2009 and demonstrates ASIC's commitment to pursuing difficult, long-running actions in the public interest.’
The appeal arose from civil penalty proceedings commenced by ASIC against officers and a fund manager of MFSIM in connection with the misappropriation of $147.5 million held by PIF on behalf of unit holders.  The misappropriated funds were used to pay debts owed by other entities in the MFS Group.
The appeal was unanimously allowed by Kiefel CJ, Gageler, Keane, Nettle and Gordon JJ. 
In the joint judgment handed down by Kiefel CJ, Gageler and Keane JJ, their Honours stated:  
“If the CEO of the parent company of a group of companies is allowed to act in relation to other companies in the group untrammelled by the duties that attach to officers of each of the other companies in the group, shareholders and creditors would be left exposed to an obvious risk. It would be an extraordinary state of affairs if those who actually determine the course of a company's financial affairs could avoid responsibility for their conduct by the simple expedient of deliberately eschewing any formal designation of their responsibilities. This is especially so in the present case,… to provide protection to members of managed investment schemes by imposing duties and responsibilities on the officers of responsible entities.” 
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ASIC wins MFS-Octaviar appeal in High Court

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ASIC has permanently banned Mark Goldenberg from engaging in any credit activities.
He is also banned from performing any function involved in the engaging in of credit activities (including as an officer (within the meaning of the Corporations Act 2001), manager, employee, contractor or in some other capacity).
Goldenberg was the Chief Operating Officer, General Manager, Property Analyst and sole shareholder of Superfunded Pty Ltd (Superfunded).
Superfunded operated an illegal early access to superannuation scheme in Perth, enabling people to use their superannuation savings to buy a home.
Mr Goldenberg and Superfunded engaged in credit activities but neither he, nor Superfunded, held an Australian credit licence, or were authorised credit representatives of an Australian credit licensee.
ASIC found that Mr Goldenberg contravened credit legislation and had been involved in a contravention of credit legislation. ASIC also found that it has reason to believe that Mr Goldenberg is not a fit and proper person to engage in credit activities as he does not possess the attributes necessary for engaging in credit activities.
As a result of Mr Goldenberg’s conduct and ASIC’s finding that it has reason to believe that Mr Goldenberg is not a fit and proper person to engage in credit activities, ASIC determined that Mr Goldenberg is likely to contravene credit legislation.
The banning order for Mr Goldenberg has been recorded on ASIC’s publicly available Banned and Disqualified Persons Register. 
Mr Goldenberg has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The banning of Mr Mark Goldenberg follows an ASIC investigation into Superfunded.
Further ASIC action includes an application to the Federal Court, resulting in the winding up and appointment of a Liquidator to Superfunded on 12 March 2018.
ASIC had previously obtained a range of interim injunctions in the Perth Federal Court on 9 November 2017 against Superfunded, Mr Mark Goldenberg and Mr Max David Goldenberg, the sole director of Superfunded.
ASIC banned Mr Max Goldenberg from providing financial services and engaging in credit activities for a period of eight years on 8 August 2019.
Mr Mark Travis Goldenberg was permanently banned from providing financial services in May 2009.
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ASIC bans Perth's Mark Goldenberg from credit activities

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The Australian Securities &amp; Investments Commission has updated its guidance surrounding responsible lending rules for the first time in five years.
The National Credit Laws provide consumers with important protections when seeking credit directly from a lender or through a broker.
ASIC’s revised guidance is intended to assist lenders and brokers to comply with their responsible lending obligations and ensure that they do not recommend or provide credit that is unsuitable.
ASIC Commissioner Sean Hughes said ASIC conducted extensive consultation on this important issue.
The aim is to stop banks and finance companies saddling consumers with unsustainable debt by requiring they obtain sufficient, reliable and current information about a customer’s financial position.
It follows ASIC's decision to appeal an adverse Federal Court ruling on alleged responsible lending breaches by Westpac.
The regulator advised that the decision in the appeal to the Full Federal Court would be reflected in any revised guidance.
Australian Banking Association chief executive Anna Bligh said the updated rules would provide clarity to banks on ASIC’s views on what responsible lending obligations require before offering credit to customers.
“This is an important document for the industry to guide each bank’s approach to responsible lending which we will now study closely to assess any impacts it may have on borrowing for customers,” Ms Bligh said.
“The industry is pleased to see ASIC has maintained a principles based approach to lending, which as an industry we have called for, and to ensure banks are able to fulfil their obligations without the process becoming too restrictive for customers,” she said.
 
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Responsible lending rules updated by ASIC

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ASIC has commenced civil proceedings in the Federal Court against Mustafa Mohammed, Mahek Mustafa, Mubashir Mohammed, MyWealth Manager Financial Services Pty Ltd (trading as MyWealth Manager), MyWealth Protection Pty Ltd, 3M Financial Planning Pty Ltd (trading as MCube Planners) and Secure Investments Pty Ltd (together the Defendants).
ASIC is seeking declarations from the Federal Court that the Defendants have contravened the Corporations Act by operating an unregistered managed investment scheme called ‘MyWealth Manager’. ASIC alleges the scheme should have been registered and that the Defendants operated the scheme without holding an Australian Financial Services (AFS) licence.
On 21 November 2019, ASIC obtained interim orders in relation to the Defendants, including orders:
1. appointing Tim Norman and Rob Woods of Deloitte as Receivers and Managers of MyWealth Manager Financial Services Pty Ltd and 3M Financial Planning Pty Ltd; 2. restraining the assets of the remaining Defendants; 3. restraining the Defendants from carrying on a financial services business in this jurisdiction without an AFS licence; 4. restraining the Defendants from managing, directing, controlling or otherwise operating the unregistered scheme; and 5. restraining the Defendants receiving, soliciting, transferring or disposing of investor funds received in connection with the unregistered scheme. 6. ASIC alleges Mustafa Mohammed operated My Wealth Manager from February 2017and targeted consumers from certain ethnic and cultural backgrounds.
ASIC alleges the scheme has raised approximately $7 million from more than 55 investors where investors were encouraged to roll over their externally managed superannuation into newly created self-managed superannuation funds (SMSFs) and then invest the SMSF monies, by way of a loan, in MyWealth Manager.
ASIC also alleges that the Defendants used investor funds for their own personal use, including substantial payments to friends and family members and the promotion of cryptocurrency.
ASIC said their investigation is continuing.
The hearing has been adjourned to a date to be fixed after 5 December 2019.
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ASIC takes civil action against former Financial Adviser Mustafa Mohammed and Co

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The consumer group Choice have gone straight to ASIC to complain about the use of certain terms in Aussie Home Loans promotions of their mortgage rates.
Choice claims Aussie spent $25m promoting its services between 2016 and 2018, and relied on guarantees such as finding consumers the “perfect loan”, “best deal”, and “best mortgage rate”.
Choice said the language used misrepresents how mortgage brokers work.
 
Aussie CEO James Symonds, son of Aussie founder John Symonds, told the Daily Telegraph he couldn't recall the brand using the terms "perfect" or "best" in any recent ad campaigns.
He also said it was “crazy” that consumer group Choice hadn’t brought its concerns to Aussie first.
Choice CEO Alan Kirkland said the company are concerned people who had seen the ads will have likely formed the "incorrect impression that mortgage brokers will scan the market to find them a high-quality loan."
 
 
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Choice consumer group lodge complaint to ASIC on Aussie Home Loans advertising

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The Federal Court of Australia has found Dover Financial Advisers Pty Ltd (Dover) engaged in false, misleading or deceptive conduct.
According to the court the conduct in question involved publishing false, misleading or deceptive statements in a “Client Protection Policy” (Protection Policy) between around 25 September 2015 and 30 March 2018.
The Court found that Terrence (Terry) McMaster, Dover’s sole director, was, as a question of fact, knowingly concerned in that conduct, and was satisfied it was appropriate to make a declaration that Mr McMaster had contravened section 12DB(1)(i) of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act).
In the judgment, his Honour Justice Michael O’Bryan found that the title of the Protection Policy “was highly misleading and an exercise in Orwellian doublespeak. The document did not protect clients. To the contrary, it purported to strip clients of rights and consumer protections they enjoyed under the law”.
The Protection Policy was provided to 19,402 clients with statements of advice by representatives of Dover. The Protection Policy purported to be 'designed to ensure that every Dover client get [sic] the best possible advice and the maximum protection available under the law’.  The Court found that the policy was false, misleading or deceptive in circumstances where:
1. it did not ensure that clients received the maximum protections available under the law; 2. it purported to remove or dilute the protections that clients would otherwise have had under the law; 3. it sought to prevent clients from making a claim against Dover and its authorised representatives on the basis that advice could not be understood; 4. it sought to exclude Dover’s liability for most foreseeable breaches of the law by its authorised representatives; and 5. it sought to limit or exclude Dover’s liability to clients in a way that was inconsistent with the law.
The Court also found, as a matter of fact, Mr McMaster, Dover’s sole director, Key Person named on Dover’s Australian Financial Services Licence and a Responsible Manager during the relevant period, was knowingly concerned in Dover’s contraventions, having regard to concessions by Mr McMaster, including that he was responsible for:
1. determining and/or approving the Protection Policy; and 2. requiring Dover’s representatives to incorporate the Protection Policy with statements of advice provided to clients.
‘ASIC brought this case because it believed Dover’s Client Protection Policy was misleading and deceptive. The law imposes important obligations on companies licenced to provide financial advice and for the protection of their clients. Clients who receive financial advice should not be misled as to what those obligations are and what they mean for them and their interests’, ASIC Deputy Chair Daniel Crennan QC said.
His Honour rejected the defendants’ primary submission that because ASIC had not sought to prove that any Dover client had suffered loss or damage by reason of the Protection Policy then the defendants had not engaged in misleading and deceptive conduct within the meaning of the ASIC Act.   
In delivering his reasons for judgment, Justice O’Bryan noted that there had been a contravention of the law each time the Protection Policy was sent to a client, being 19,402 times.
Penalties will now be determined by the Court on a date yet to be fixed.
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Dover Financial Advisers found guilty of misleading conduct: ASIC

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Former Western Sydney NAB branch manager, Mathew Alwan, has been sentenced to 12 months imprisonment to be served by way of Intensive Corrections Order (ICO) for making false and misleading statements to NAB in relation to 24 home loan applications.
Mr Alwan had previously pleaded guilty to an ‘intention to defraud by false or misleading statement’ charge after he told NAB that an introducer had referred borrowers to make loan applications. In reality, the NAB introducer was Mr Alwan’s uncle, operating under the business name ‘Suit Club’. 
The fraud occurred between October 2013 and September 2015 and resulted in NAB paying Suit Club $56,995 in commissions.
ASIC has taken further action regarding NAB’s Introducer Program, launching civil proceedings in the Federal Court against NAB in August 2019.
As part of the ICO Mr Alwan will undertake 200 hours of community service and ongoing rehabilitation treatment.
ASIC has permanently banned Mr Alwan from providing financial services.
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Former NAB branch manager sentenced for making false and misleading statements

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Nicholas Ellis, an accountant and former financial advisor operating in Valentine, NSW, has been sentenced to three years imprisonment.
The sentence was handed down after Nicholas James Ellis was found to have made false or misleading statements to obtain money from clients, and fraudulently misappropriating client funds.
Mr Ellis pleaded guilty to the two charges on 4 August 2017.
As a part of the ICO, Nicholas James Ellis will serve 12-months by way of home detention, and undertake 700 hours of community service.
An ASIC investigation found Mr Ellis sent 10 letters and one email to a number of his clients for the purpose of raising investment funds to purchase a hotel in Tura, NSW through his company, Tura Pty Limited. The letters and email contained false and misleading statements in relation to the purchase of the hotel.
Mr Ellis admitted to fraudulently misappropriating approximately $562,000 of client funds received by Tura Pty Limited. 
Mr Ellis used some of the funds to buy a house in Manly, NSW.
‘Mr Ellis was a trusted financial advisor and accountant, who misled his clients and misused their funds for the benefit of his own business. Accountants and financial advisers are in a position of trust. As demonstrated in this case, ASIC is prepared to take criminal action where trusted advisers misappropriate clients’ money,’ said ASIC Commissioner Danielle Press.
ASIC banned Mr Ellis from providing financial services in 2013 for a period of six years.
As a result of the sentence, Mr Ellis will automatically be disqualified from managing corporations for a period of 5 years.
In delivering the sentence, Judge Williams remarked that Mr Ellis ‘Provided information to investors that was untrue and caused those investors to act on that information. Had the true picture been disclosed, the investors may have been less forthcoming’.
The matter will be back in Court on 17 October 2019 for the purposes of determining Mr Ellis’ suitability for home detention.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.
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