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Wednesday 6 May 2015

15-102MR ASIC cancels Australian credit licence of property spruiking firm

ASIC has cancelled the Australian credit licence of the company formerly called Heritage Financial Solutions Australia Pty Ltd and Heritage – Freedom & Security Pty Ltd (Heritage Financial Solutions) (ACN 142 071 912), because the company, which is currently called David Parry Finance Pty Ltd, was placed into liquidation on 26 March 2015.

This cancellation of the company's credit licence is part of an ongoing ASIC investigation into the conduct of a group of people and companies related to Heritage Financial Solutions, involving advice to investors to establish an SMSF for investment in real estate in Queensland and arranging finance for those investments.

ASIC has concerns about the way the loans and property ownership have been structured.

Investors who obtained advice or finance from people associated with the company formerly known as Heritage Financial Solutions should contact their lender and if necessary, obtain independent professional advice to ensure that the loans to their SMSFs and their property ownership have been structured in compliance with the Trustees' superannuation law obligations.

ASIC's investigation is continuing.

David Parry Finance Pty Ltd has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Background

The licence was cancelled under s54 of the National Consumer Credit Protection Act 2009, which provides that ASIC may cancel a credit licence if the licensee becomes an externally-administered body corporate.

Last updated: 06/05/2015 12:00