Park Trent - information for clients

You may have received unlicensed advice from Park Trent

If you are/were a client of Park Trent Properties Group (Park Trent)

Park Trent has been found to have broken the law by not having the necessary licence to give financial advice.

You may wish to get independent financial or legal advice about the advice you received from Park Trent.

What has happened

Following an investigation the Australian Securities and Investments Commission (ASIC) took legal action against Park Trent in the Supreme Court of New South Wales.

On 15 October 2015, Justice Sackville found that from March 2010 to June 2015 Park Trent breached the Corporations Act by providing financial product advice without holding the proper licence or authority.  This advice related to setting up self-managed super funds (SMSFs) for the purpose of investing in property.

On 27 November 2015, Justice Sackville made orders that Park Trent be restrained permanently from providing unlicensed financial product advice to clients regarding SMSF's.

On 26 February 2016, Park Trent appealed the decision of Justice Sackville, however on 3 November 2016, the Full Court of the Supreme Court of New South Wales dismissed the appeal.  

Park Trent does not hold and has never held the proper licence or authority to provide financial advice

The Court did not make any ruling about the quality of the advice Park Trent provided. Therefore, the case does not mean that your investment is illegal or that you have necessarily made a bad investment. We are however concerned that you received advice without the usual protections provided to clients. 

What you should consider doing


Getting independent financial or legal advice

Because Park Trent does not hold and has never held the necessary licence to give you advice, you should consider getting financial advice and/or legal advice about the financial decisions you made about your superannuation as a result of your dealings with Park Trent.

To find out if you have legal rights connected with the advice you received, ASIC suggests you consider seeking legal advice from a lawyer that is not connected to Park Trent.

Finding a licensed financial adviser

Only licensed financial advisers are on the Financial Advisers Register on MoneySmart. This is a register of people who provide personal advice on investments, superannuation and life insurance. You can use this register to find out where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.

https://www.moneysmart.gov.au/investing/financial-advice/financial-advisers-register

Warning: If the financial adviser is not on the Financial Advisers Register on MoneySmart you should NOT seek financial advice from this adviser.

Financial advice and superannuation

Deciding what to do with your superannuation is one of the most important financial decisions you will make. Obtaining financial advice from a licensed financial adviser can help you:

  • set and achieve your financial goals
  • make the most of your money
  • get any government assistance you're entitled to
  • feel more in control of your finances and your life
  • avoid expensive mistakes; and
  • protect your assets.

ASIC guide ‘Financial advice and you’, sets out:

  1. what kind of financial advice may be useful to you;
  2. the best place to get financial advice; and
  3. how to get the most from your conversations with a financial adviser.

To access this publication, please use the following address:

https://www.moneysmart.gov.au/media/460600/financial-advice-and-you.pdf

For more information on financial advice, including information that may assist you in making decisions about your superannuation, please visit ASIC's MoneySmart website:

https://www.moneysmart.gov.au/investing/financial-advice

ASIC's MoneySmart website also contains information on investing in property via SMSF, and on superannuation more generally. This information can be accessed at the following address:

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works

For more information about how to choose a financial adviser, please use the following MoneySmart address:

https://www.moneysmart.gov.au/investing/financial-advice/choosing-a-financial-adviser

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Last updated: 23/12/2016 04:56