Mr Heycock was the director of Corporate Superannuation Pty Ltd, previously Australian Superannuation Pty Ltd and Superannuation in Australia Today Pty Ltd, which traded under the business name MySuperMan. Mr Arnold-Levy was an employee of Corporate Superannuation Pty Ltd and its predecessor entities, before subsequently becoming the director, the corporate regulator said in a statement.

The MySuperMan business provided financial advice services and operated from offices in Carlton, Victoria.

An ASIC investigation focused on the period between 2013 and 2015 and identified concerns in relation to the activities of Mr Heycock and Mr Arnold-Levy including poor and unlicensed advice provided by them to certain clients.

The corporate regulator also identified concerns in relation to activities where money was loaned to clients of MySuperMan by entities related to Mr Heycock; money was loaned by clients’ SMSFs to the MySuperMan business itself; and information and advice were provided to clients and former clients in relation to a residential property development in Footscray, Victoria.

As a result of this investigation, ASIC said it found Mr Heycock had breached the Corporations Act by operating a financial services business and providing financial advice without holding an Australian Financial Services (AFS) licence and without being authorised by an AFS licence holder to do so.

ASIC also found that Mr Heycock had provided financial advice that “was not in clients’ best interests or appropriate for their situation, failing to provide statements of advice and failing to disclose potentially conflicted remuneration”.

The corporate regulator Mr Arnold-Levy had breached the Corporations Act by being aware of and involved in Mr Heycock’s unlicensed conduct, and providing financial advice that was not in clients’ best interests and not appropriate for their circumstances.

Mr Arnold-Levy and Mr Heycock have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.