The Australian Securities and Investments Commission (ASIC) has obtained injunctions, by consent, against Mr Troy Graetz and his companies, Super Release Pty Ltd (Super Release) and Intelligent Super Pty Ltd (Intelligent Super), preventing them from providing unlicensed superannuation advice.

ASIC obtained the orders in the Federal Court in Sydney as part of a campaign against illegal early access to superannuation and its overall aim to identify and police bad practices in the superannuation marketplace.

Mr Graetz was the sole shareholder and director of Super Release and Intelligent Super, located on the Central Coast of New South Wales. The companies set up self-managed superannuation funds for people and arranged for their existing superannuation to be rolled over into self-managed funds. Super Release and Intelligent Super operated around Australia.

Mr Graetz and his companies were not licensed to provide financial services.

‘People need to check that they are getting advice about their hard-earned retirement savings from someone who is licensed to provide superannuation advice’, Ms Jan Redfern, Executive Director of Enforcement said.

Mr Graetz, Super Release and Intelligent Super consented to:

• declarations that Super Release and Mr Graetz had carried on a financial services business without holding an Australian financial services licence;
• injunctions that stop Super Release, Intelligent Super and Mr Graetz from various activities, including:
  • advertising or promoting any business arranging and/or facilitating the transfer of superannuation interests;
  • maintaining, promoting or marketing any business that facilitates the rollover, redemption or transfer of superannuation interests;
  • receiving or dealing with the redemption, by a member of the public, of a superannuation interest; and
  • charging a fee or commission for facilitating the redemption, rollover or transfer of superannuation interests.

Super Release came to the attention of ASIC as a result of complaints received from the public and from advertisements it placed in newspapers that included slogans such as ‘Where is your super going? Unlock your super for your future’.

‘The law stipulates that you can only access your superannuation under certain conditions. If a person qualifies for early access to superannuation because of financial hardship they can obtain help directly and legally from their existing superannuation company. A self-managed fund does not automatically allow early access to your super’, Ms Redfern said.

‘People should be cautious of advertisements promoting early release of superannuation benefits’, Ms Redfern added.

Information about self-managed superannuation is available from ASIC’s consumer website ‘Fido’ at www.fido.gov.au/super