According to an announcement this morning, the action 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 Queensland real estate and to arrange finance for those investments.

ASIC stated it is concerned 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 stated.