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12-235MR ASIC bans Melbourne financial adviser for unlawful early release of superannuation

Tuesday 25 September 2012

ASIC has banned Mr Simon Turudia from providing financial services for six years after he arranged the unlawful early release of approximately $1.7 million of superannuation benefits.

ASIC found that Mr Turudia, a former authorised representative of AMP Financial Planning Pty Ltd (AMP), arranged the early release of superannuation benefits to 35 clients between August 2010 and November 2011.

Mr Turudia established investment accounts for clients into which their superannuation benefits were paid and subsequently withdrawn by clients when required.

ASIC found that Mr Turudia engaged in misleading and deceptive conduct by manipulating rollover request procedures allowing his clients early access to their superannuation savings.

ASIC Commissioner Peter Kell said, ‘Those who seek to promote and benefit from unlawful early release of superannuation schemes have no place in the financial services industry.’

ASIC was alerted to Mr Turudia’s conduct by AMP in January 2012, by which time AMP had revoked his status as an authorised representative.

Mr Turudia has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.

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