ASIC alleges that Ms Throne failed to comply with the terms of a court enforceable undertaking previously entered with ASIC.

The EU required Ms Thorne to provide certain information to each client she had provided personal advice to while an authorised representative of SMSF Advice Pty Ltd and notify ASIC in writing whether she had written to each client as required.

ASIC alleges that Ms Thorne took deliberate steps to reduce the likelihood that her clients would receive the written information required by the EU.

“For example, ASIC alleges Ms Thorne directed that the letters not be sent to some clients that had made complaints about the company and other letters be sent to client addresses from expired driver’s licenses,” the corporate regulator stated.

ASIC is seeking orders from the Federal Court directing Ms Thorne to comply with the relevant terms of the EU.

ASIC accepted a court enforceable undertaking from Ms Thorne in February last year after it found she had failed to act in the best interests of her clients and had prioritised her own interests above their interests.

Ms Thorne’s advice was reviewed by ASIC during its investigation into Park Trent Properties Group Pty Ltd. ASIC claims that Ms Thorne was receiving referrals from Park Trent to establish SMSFs.

ASIC reviewed advice provided by Ms Thorne when she was a representative of SMSF Advice Pty Ltd, a wholly owned subsidiary of AMP Ltd, and concluded that she had advised some of her clients to establish SMSFs without taking their circumstances into account.

It found that Ms Thorne hadn’t properly considered her clients’ existing superannuation arrangements or explored why they were interested in investing in direct residential property through an SMSF. When recommending SMSFs to some of her clients, she had inappropriately scoped advice by excluding insurance and retirement planning.

It also found that Ms Thorne did not adequately stress-test SMSF strategies and had recommended SMSFs to some of her clients despite inadequate evidence to suggest that the strategies would provide increased retirement benefits.