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SMSF advisers pocketed $5000 per client: ASIC

Misa Han

The corporate regulator says a national network of advisers pocketed $5000 per client for recommending real estate investments through a self-managed superannuation fund.

The Australian Securities and Investments Commission is taking RM Capital and its authorised representative, SMSF Club, to the Federal Court, alleging they accepted more than $730,000 in referral fees for spruiking properties marketed by Positive RealEstate, the regulator announced on Tuesday.

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Misa Han writes on news and business from our Sydney newsroom. Connect with Misa on Twitter. Email Misa at misa.han@afr.com.au

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    Original URL: https://www.afr.com/wealth/superannuation/smsf-advisers-pocketed-5000-per-client-asic-20190612-p51wyh