The industry watchdog has warned advisers and consumers to stay well clear of Swiss Private Capital Ltd.
The Australian Securities and Investments Commission (ASIC) has received complaints regarding the activities of Swiss Private and their offers pertaining to an “Aussie Super” superannuation fund.
Swiss Private purports to be a Dubai-based private investment firm with branch offices in New York, Frankfurt, Geneva and Melbourne. Swiss Private’s website claims to be ‘now managing Australian Super’ and to have average returns of over 35 per cent per year for the past five years.
However, the regulator says Swiss Private is not a company registered in Australia and does not hold an Australian financial service licence. The Melbourne address for Swiss Private is a virtual office and ASIC investigations have revealed no representatives of Swiss Private occupy or attend this address.
ASIC has had the Australian and US-based Swiss Private website removed.
Members of the public have reported an unsolicited letterbox drop on the Sunshine Coast in Queensland recommending consumers switch their superannuation to Swiss Private, offering a 20 percent per annum guaranteed return and a $500 rollover bonus.
Swiss Private is not a Registrable Superannuation Entity Licensee for Australian Prudential Regulation Authority (APRA) purposes, and Aussie Super is not an APRA-registered superannuation fund.
ASIC Commissioner Greg Tanzer said advisers and investors should be cautious when offered unsolicited investment advice and products.
“Potential investors should scrutinise all investment opportunities closely and seek professional, licensed advice before making an investment decision. If they don’t have licences, think carefully about whether you deal with them,” said Tanzer.
