Tuesday 19 December 2006 LAWFUEL – Legal News Network – A company offering to help Australian consumers set up and operate self-managed superannuation funds has agreed to shut down its website following an investigation by the Australian Securities and Investments Commission (ASIC). Online Super Legal Pty Ltd shut down its website after concerns by ASIC it was operating without an Australian financial services licence. ASIC’s investigation revealed the website was previously operated by Online Super Pty Ltd, now in liquidation, which also arranged the setting up of self-managed superannuation funds.
A number of Online Super Pty Ltd clients invested in products issued by the failed Westpoint group and other entities. Mr Colin Curran, the director of Online Super Legal Pty Ltd, agreed to shut down the website. The content was removed on 15 December 2006. Background ASIC commenced an investigation into Online Super Legal Pty Ltd after receiving complaints from investors. While Online Super Pty Ltd (in liquidation) had been an authorised representative of a number of financial services licensees, Online Super Legal Pty Ltd was not licensed. For further information contact: Allen Turton Deputy Executive Director Telephone: 02 9911 2338 Mobile: 0411 549 236 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310