1. 32,865 Posts.
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    Why does ASIC never do its job properly? Real estate agencies are trying to stop tenants taking advantage of the situation and Roger Shipton MP's son running ASIC does this. Throws the whole financial system into disrepute when the regulator is so incompetent in real regulation and gets it wrong all the time.

    ASIC will act against real estate agents asking tenants to dip into super

    The Australan Securities and Investments Commission has written a letter to real estate institutes in each state warning it will act against real estate agents who advise tenants to apply for early release of their superannuation if they are struggling to pay rent.

    Shadow assistant treasurer Stephen Jones wrote to ASIC this week raising concerns about "unqualified financial advice" being given by real estate agents to tenants who are struggling to pay, The Sydney Morning Herald and The Age's Jennifer Duke reported yesterday.

    In the commission's letter, published on their website this morning this morning, ASIC said they were concerned the behaviour constituted unlicensed financial advice or may not be in the best interest of individuals in contravention of the Corporations Act.


    ASIC has written a letter to the real estate institutes in each state outlining concerns about some real estate agents who are advising tenants to apply for early release of their superannuation. https://asic.gov.au/about-asic/news-centre/articles/asic-letter-unlicensed-financial-advice-by-real-estate-agents-to-tenants/

 
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