ASIC have come down hard on Park Trent Properties Group (PT) for illegally recommending customers set up SMSFs to buy residential property.
You can bet the property recommended was PT’s own or related and that the price had a premium to it. There would be a nice fee to PT for the Special Service they supply. The finance and insurance was done by a related company so there go more fees and commissions from the uneducated buyer. I wonder which legal firm was also facilitating the process and not warning the customers of what should happen? It all adds up to a lot of customers instantly losing their life’s savings in Superannuation , as soon as the first real valuation of the property was done. Lets hope the bank doesn’t look at the real LVR anytime soon!
Oh yes they came down hard.” Don’t Ever do it again ! ” And please put a sign up on your website saying you have been a bit naughty. I took 10 minutes to find it. Have a go!
What ASIC should have done was write to all the 860 customers and point out to them their rights of redress should they feel they have lost money because of the advice. Instead they have put a link on their Press Release ” Important information for clients of Park Trent”
Lets hope those 860 have read the media release and followed this link.