Brisbane broker Denis Davis has consented in the Federal Court to permanent injunctions over his involvement in a scheme promoting the illegal early release of superannuation benefits. He also agreed to a declaration that he carried on a financial services business without holding an Australian financial services licence. Mr Davis has also been permanently restrained from advertising or in any way dealing with superannuation interests.

Australian Securities and Investments Commission (ASIC) Deputy Director Enforcement Allen Turton said ASIC is examining businesses which offer to facilitate the early redemption of super benefits. “Consumers should be aware there are limited circumstances in which members of super funds can access their superannuation benefits early.”