ASIC bans Christopher Malcolm Edwards from finance sector over self-managed super scheme
ASIC has banned a NSW solicitor from financial services for a decade after he directed clients' superannuation into his own property developments.
A NSW solicitor and accountant has been banned from the financial services industry for 10 years after advising clients to invest their superannuation into his own companies.
The Australian Securities and Investments Commission (ASIC) found Christopher Malcolm Edwards funnelled his clients’ money into his property development businesses while operating without a licence.
ASIC said his conduct was “particularly serious” and created a “significant conflict of interest” between his duties as a solicitor and accountant and his personal need for funding.
The corporate regulator found that over a four-year period, Mr Edwards advised clients to set up self-managed superannuation funds and then invest the money into debentures issued by companies he controlled.
The funds were used for property developments in NSW and QLD, ASIC said.
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The regulator said it had reason to believe Mr Edwards was “not a fit and proper person” to provide financial services and did not have the judgment or character to participate in the industry.
“ASIC found Mr Edwards’ conduct in approaching his accounting and legal clients and making recommendations that they invest in companies which he controls was particularly serious,” the regulator’s statement said.
“ASIC is also concerned about an inherent and significant conflict of interest given Mr Edwards’ obligations to his clients as a solicitor and/or accountant on the one hand, and his personal interest in securing funding for his companies for property developments on the other.”
Mr Edwards, who operated Christopher M Edwards Solicitors and Accountants in Richmond, NSW, was found to be running a financial services business without holding the required Australian Financial Services licence.
The regulator found Mr Edwards knew he was not authorised to give financial product advice.
The 10-year ban prevents him from providing financial services, controlling a financial services business or performing any function in one.
The ban takes effect from 15 September 2025 and has been recorded on ASIC’s public register.
Mr Edwards has the right to appeal the decision to the Administrative Review Tribunal.
ASIC confirmed its investigation into Mr Edwards’ conduct was ongoing.
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Originally published as ASIC bans Christopher Malcolm Edwards from finance sector over self-managed super scheme
