ASIC banned the director of a firm allowing people to illegally access their superannuation early to buy a home.
The corporate regulator slapped Max David Goldenberg with an eight year ban from providing financial services and engaging in credit activities, following an investigation into Superfunded, a Perth-based business which Goldenberg was the sole director of.
Superfunded - as ASIC explained when applying to the Federal Court for permission to appoint a liquidator last year - was a self-managed super fund business which allowed clients to access money within SMSFs to buy a home.
According to ASIC, Superfunded provided financial services and engaged in credit activities, but held neither an Australian financial services license, nor an Australian credit license, and was not acting as an authorised representative of another licensee.
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The regulator noted Goldenberg should not have been providing financial services at all.
"ASIC found Goldenberg had been involved in a contravention of financial services legislation and is not adequately trained, or competent, to provide financial services as he demonstrated a lack of professionalism, integrity, judgement, knowledge and diligence," ASIC said.
As a result, the regulator considered it likely Goldenberg would contravene financial services law again.
Separately, ASIC yesterday announced it would review the progress of the transition away from grandfathered conflicted remuneration arrangements for financial advisers.
The review comes on the back of the government's commitment to end grandfathered commissions by January 2021.