Calls for end to property investing licence loophole

Four of the collapsed companies advanced money to entities related to Melbourne-based property developer Greg Shaw, 47, which failed to pay the money and promised interest back.

The financial planning lobby – which has sometimes been an adversary of consumer groups over life insurance commissions and other policy issues – has backed calls for better consumer protection for investors in unregulated investments. While the loophole may be explicable for new-age investments such as cryptocurrencies and non-fungible tokens , there is no such excuse for direct property, one of the world’s oldest asset classes.Financial planners routinely help clients who have been placed into problematic real estate or cryptocurrency ventures by unlicensed salespeople not covered by the AFSL regime, Mr Marshan said.

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