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.