Footnotes

Chapter 1

[1]        Simon Johanson, 'House 'idyll' just barren paddock', the Age, 29 September 2013, http://www.theage.com.au/victoria/house-idyll-just-barren-paddock-20130928-2ulab.html#ixzz3wDfq41iM (accessed 4 January 2016).

[2]        For example, Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[3]        Committee Hansard, 30 September 2015, p. 62.

[4]        For example, Royce Millar and Ben Schneiders, 'Government wants land money back', the Age, 3 September 2015, p. 2.

[5]        Mr Tim Mullaly, Senior Executive Leader, ASIC, Committee Hansard, 30 September 2015, pp. 60 and 63.

[6]        ASIC, 'ASIC acts against 21st Century Group and Jamie McIntyre land banking schemes', Media release 15-214MR, 7 August 2015 (including editor's note 8, updating media release).

[7]        ASIC, 'Jamie McIntyre and 21^st Century land banking companies agree to the appointment of provisional liquidators and other interim orders', Media release 12-298MR, 7 October 2015.

[8]        See, for example, Australian Consumer Law, Implementation of the Australian Consumer Law, Report on progress IV (2013–14), December 2014, p. 8.

[9]        ASIC, answer to written question on notice, 30 November 2015, p. 7.

[10]      Committee Hansard, 30 September 2015, p. 61.

[11]      Mr Zuchowski did make a submission to the inquiry, Submission 145, in response to remarks about his conduct made by witnesses at the hearing.

[12]      Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

  Chapter 2

[1]        This report uses the term 'property spruikers' generically to refer to unscrupulous operators, marketeers and promoters of property investment schemes. 

[2]        Committee Hansard, 30 September 2015, p. 2. Consumer Affairs Victoria described rent-to-buy schemes as one that targets lower income consumers or prospective buyers who are unable to obtain mainstream finance. It stated 'under a rent-to-buy scheme, the buyer enters into a rental agreement with the vendor where they are charged high rent (well above market rate). At the end of the rental period they may buy the property but ownership of the property does not pass to the buyer until they exercise the "option to Purchase" after the rental period has expired, and buyers have limited legal rights if something goes wrong'. Consumer Affairs Victoria, 'Working with other Australian Consumer Law regulators', and Year in Review 2014–15, p. 25.

[3]        Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p.4.

[4]        ASIC, 'ASIC acts against 21st Century Group and Jamie McIntyre land banking schemes', Media release 15-214MR, 7 August 2015.

[5]        Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[6]        Mr Jamie McIntyre refers to his companies as the '21st Century Group'. 21st Century Group Pty Ltd (ACN 108 150 545) is not a defendant to the ASIC's court proceedings against 21^st Century Group, and ASIC is not aware of any connection between 21st Century Group Pty Ltd and Mr McIntyre's 21^st Century Group.

[7]        Mr Tim Mullaly, Senior Executive Leader, ASIC, Committee Hansard, 30 September 2015, p. 64.

[8]        ASIC, answer to written question on notice, 30 November 2015, p. 7, https://www.ppbadvisory.com/uploads/i399-Midland-FAQ.pdf (accessed 6 January 2016).

[9]        ASIC, 'ASIC acts against 21^st Century Group and Jamie McIntyre land banking schemes', 15–214MR, 7 August 2015. Mr McIntyre, Committee Hansard, 30 September 2015, p. 23.

[10]      PPB Advisory, 'Administrators Recommend Midland Hwy be Placed in Liquidation to Conduct Investigations and Maximise the Prospect of a Return to Investor', https://www.ppbadvisory.com/news/d/2015-10-19/administrators-recommend-midland-hwy-be-placed-in-liquidation-to-conduct-investigations-and-maximise-the-prospect-of-a-return-to-investors (accessed 4 January 2016). The small 'c' in front of $ indicates 'circa'.

[11]      PPB Advisory, 'Administrators Recommend Midland Hwy be Placed in Liquidation to Conduct Investigations and Maximise the Prospect of a Return to Investor', https://www.ppbadvisory.com/news/d/2015-10-19/administrators-recommend-midland-hwy-be-placed-in-liquidation-to-conduct-investigations-and-maximise-the-prospect-of-a-return-to-investors (accessed 4 January 2016).

[12]      PPB Advisory, 'Administrators Recommend Midland Hwy be Placed in Liquidation to Conduct Investigations and Maximise the Prospect of a Return to Investor', https://www.ppbadvisory.com/news/d/2015-10-19/administrators-recommend-midland-hwy-be-placed-in-liquidation-to-conduct-investigations-and-maximise-the-prospect-of-a-return-to-investors (accessed 4 January 2016).

[13]      ASIC, 'ASIC acts against 21st Century Group and Jamie McIntyre land banking schemes', 15-214MR, 7 August 2015, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-214mr-asic-acts-against-21st-century-group-and-jamie-mcintyre-land-banking-schemes/ (accessed 4 January 2016).

[14]      ASIC, answer to question on notice No. 6, 30 November 2015, p. 4.

[15]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 29.

[16]      Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[17]      Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[18]      Foscari Holdings Pty Ltd, Brochure, Foscari Beautiful Living, 2013.

[19]      Market First website, 'Unique opportunities', http://www.marketfirstgroup.com.au/latest-news-1/foscari-development-council-approved (accessed 5 January 2016).

[20]      ASIC, 'ASIC takes action to freeze assets and wind up companies associated with land banking schemes', 15-401MR, 18 December 2015, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-401mr-asic-takes-action-to-freeze-assets-and-wind-up-companies-associated-with-land-banking-schemes/ (accessed 4 January 2016).

[21]      See chapter 4, paragraph 4.18.

[22]      ASIC, 'ASIC takes action to freeze assets and wind up companies associated with land banking schemes', 15-401MR, 18 December 2015, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-401mr-asic-takes-action-to-freeze-assets-and-wind-up-companies-associated-with-land-banking-schemes/ (accessed 4 January 2016).

[23]      ASIC, 'ASIC takes action to freeze assets and wind up companies associated with land banking schemes', 15-401MR, 18 December 2015, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-401mr-asic-takes-action-to-freeze-assets-and-wind-up-companies-associated-with-land-banking-schemes/ (accessed 4 January 2016).

[24]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 46.

[25]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 44.

[26]      Slater and Gordon Lawyers, answers to question on notice No. 7, 2 December 2015, p. 2.

[27]      Private correspondence, Mr Rowan Burn to the committee.

[28]      The Federal Court of Australia declared that Mr Kaye was involved in conduct that was misleading and deceptive in September 2004, in regards to claims Mr Kaye had made at property investment courses. Mr Kaye was later given a five year ban from managing corporations in 2010.

[29]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, pp. 15‑16.

[30]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 24.

[31]      Simon Johanson, Royce Millar and Ben Schneiders, 'Land deal with Kaye link caves in', Sunday Age, 19 July 2015, p. 13.

[32]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 25.

[33]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 24.

[34]      ASIC, 'ASIC takes action to remove administrators of failed land banking company', Media release 15-203MR, 31 July 2015.

[35]      ASIC, 'Failed land banking company Midland Hwy to be wound up following ASIC action', Media release 15-369MR, 7 December 2015.

[36]      Australian Securities and Investments Commission v Midland Hwy Pty Ltd (administrators apptd) (2015) FCA 1360, http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2015/2015fca1360 (accessed 4 January 2016).

[37]      PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 11.

[38]      PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 2.

[39]      PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 3.

[40]      Australian Securities and Investments Commission v Midland Hwy Pty Ltd (administrators apptd) (2015) FCA 1360, paragraphs 11, 15, 50, 76 and 80.

[41]      PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 8.

[42]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 24. Following the hearing, PPB Advisory reported that Mr Michael Grochowski, PMA's director, appeared to have acted as a shadow director/de facto director of Midland HWY, authorising payments of around $24 million from Midland HWY's bank accounts, including around $22.3 million in potential voidable transactions and other claims: PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 3.

[43]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 24.

[44]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 24.

[45]      For example, Simon Johanson and Royce Millar, 'McIntyre's collapsed land banking scheme faces liquidation', the Age, 19 October 2015, p. 21.

[46]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 25.

[47]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 25.

[48]      Australian Securities and Investments Commission v Midland Hwy Pty Ltd (administrators apptd) (2015) FCA 1360, [94].

[49]      PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 18.

[50]      PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 18.

[51]      Royce Millar, Ben Schneiders and Simon Johanson, 'State money in troubled homes plan', the Age, 9 January 2015, p. 8.

[52]      Ms Grazyna Monka, Submission 148 (21st Century Property Direct, 1 Day Wholesale Land Release DVD: Homestudy); Mr & Mrs Jim and Alison Guy, Submission 150 (Market First, 'Property Education Pack' DVD series).

[53]      ASIC, answer to written question on notice No. 7.

[54]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 7.

[55]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 35; Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 35; Mr Trevor Haynes, Committee Hansard, 30 September 2015, p. 39.

[56]      Mr & Mrs Jim and Alison Guy, Submission 150.

[57]      Mr Jamie McIntyre, Submission 146, pp. 55–75.

[58]      Mr Jamie McIntyre, Submission 146, p. 64. (emphasis added)

[59]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 13.

[60]      Submission 146, p. 5.

[61]      Submission 146, p. 5.

[62]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 13.

[63]      Dr Elizabeth Lanyon, Director, Regulation and Policy Division, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 2.

[64]      Mr Jim Guy, Committee Hansard, 30 September 2015, pp. 36–38.

[65]      Mr Tim Mullaly, Senior Executive Leader, ASIC, Committee Hansard, 30 September 2015, p. 62.

[66]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 29.

[67]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 21.

[68]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 9.

[69]      Mr & Mrs Jim and Alison Guy, Submission 150¸ p. [49].

[70]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36.

[71]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36.

[72]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 37.

[73]      Mr & Mrs Jim and Alison Guy, Submission 150, p. [5].

[74]      Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[75]      Mr Trevor Haynes, Committee Hansard, 30 September 2015, p. 39.

[76]      Name withheld, Submission 149, pp. [8, 10].

[77]      For example, Royce Millar and Ben Schneiders, 'Government wants land money back', the Age, 3 September 2015, p. 2.

[78]      For example, Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[79]      Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[80]      ASIC, 'ASIC takes action to remove administrators of failed land banking company', Media release 15-203MR, 31 July 2015.

[81]      ASIC, 'Jamie McIntyre and 21^st Century land banking companies agree to the appointment of provisional liquidators and other interim orders', Media release 15-289MR, 7 October 2015.

[82]      Mr Tim Mullaly, Senior Executive Leader, ASIC, Committee Hansard, 30 September 2015, p. 64.

Chapter 3 - Promotion of land banking schemes

[1]        Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 1.

[2]        Australian consumer law, ACL National Projects, Property Spruikers/Rent to Buy schemes, http://consumerlaw.gov.au/acl-national-projects/ (accessed 6 January 2016).

[3]        Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 28.

[4]        Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 28.

[5]        Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 28.

[6]        Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice – Safe as Houses?, June 2005, p. 10.

[7]        Ms Grazyna Monka, Submission 148 (21st Century Property Direct, 1 Day Wholesale Land Release DVD: Homestudy).

[8]        Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[9]        Adele Ferguson and Simon Johanson, 'Delving into the dark side of shadow brokers', Sydney Morning Herald, 13 August 2011, p. 11.

[10]      Ms Grazyna Monka, Submission 148, around 5 minutes into DVD no. 1.

[11]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 35; Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 40.

[12]      Market First, Unique Benefits, http://www.marketfirstgroup.com.au/about (accessed 18 September 2015).

[13]      See footnote 2 in chapter 2 for a description of rent-to-buy schemes.

[14]      Dr Elizabeth Lanyon, Director, Regulation and Policy Division, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 2.

[15]      Australian Securities and Investments Commission v Midland Hwy Pty Ltd (administrators appointed); in the matter of Midland Hwy Pty Ltd (administrators appointed) [2015] FCA 1360, paragraph 15, http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2015/2015fca1360 (accessed 4 January 2016).

[16]      Ms Grazyna Monka, Submission 148, around 80 minutes into DVD no. 3.

[17]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 12.

[18]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 29.

[19]      Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 40.

[20]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 13.

[21]      Mr & Mrs Jim and Alison Guy, Submission 150, p. [41].

[22]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 13.

[23]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 12.

[24]      ASIC MoneySmart, Investment Seminars, https://www.moneysmart.gov.au/investing/investment-warnings/investment-seminars (accessed 5 November 2015).

[25]      Name withheld, Submission 149, pp. [1–7].

[26]      Name withheld, Submission 149, p. [6].

[27]      Ms Grazyna Monka, Submission 148, around 43 minutes into DVD no. 4.

[28]      Ms Grazyna Monka, Submission 148, around 82 minutes into DVD no. 3.

[29]      Ms Grazyna Monka, Submission 148, around 4 minutes into DVD no. 4.

[30]      Ms Grazyna Monka, Submission 148, around 47 minutes into DVD no. 4.

[31]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 13.

[32]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 35; Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 36.

[33]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 12.

[34]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses?, June 2005, p. 6.

[35]      Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 40.

[36]      Victorian Parliament Law Reform Committee, Inquiry into Property Investment Advisers and Marketeers, Final Report, April 2008, pp. 45–46. 

[37]      Market First, Unique Benefits: First class membership with first class advantages, http://www.marketfirstgroup.com.au/about-us/first-class-membership-with-first-class-advantages (accessed 18 September 2015).

[38]      Ms Grazyna Monka, Submission 148, around 75 minutes into DVD no. 3.

[39]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36.

[40]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36; Mr Trevor Haynes, Committee Hansard, 30 September 2015, p. 39; Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 40; Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 7.

[41]      Name withheld, Submission 149, p. [9].

[42]      ASIC MoneySmart, Investment Seminars, https://www.moneysmart.gov.au/investing/investment-warnings/investment-seminars (accessed 5 November 2015).

[43]      Mr & Mrs Jim and Alison Guy, Submission 150, around 9 minutes into DVD no. 2.  

[44]      21^st Century Group, 21^st Century Financial Education Summit, http://21stcenturyfinancialeducationsummit.com/#success (accessed 18 September 2015).

[45]      'Jamie McIntyre', http://jamiemcintyreexposed.com.au/ (accessed 14 January 2016).

[46]      Mr Trevor Haynes, Committee Hansard, 30 September 2015, p. 39.

[47]      Mr & Mrs Jim and Alison Guy, Submission 150, p. [1].

[48]      Mr & Mrs Jim and Alison Guy, Submission 150, p. [1].

[49]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, p. 57.

[50]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 10.

[51]      Ms Grazyna Monka, Submission 148, around 1 minute into DVD no. 1.

[52]      Ms Grazyna Monka, Submission 148, around 1 minute into DVD no. 1.

[53]      Mr & Mrs Jim and Alison Guy, Submission 150, [p. 6]; Name withheld, Submission 149, pp. [38, 121].

[54]      Name withheld, Submission 149, p. [38].

[55]      Name withheld, Submission 149, pp. [1, 6].

[56]      Notably, the use of disclaimers does not necessarily prevent a finding that these representations were misleading. For example, Australian Competition and Consumer Commission v TPG Internet Pty Ltd [2013] HCA 54.

[57]      Ms Grazyna Monka, Submission 148, around 60 minutes into DVD no. 3.

[58]      Ms Grazyna Monka, Submission 148, around 77 minutes into DVD no. 3.

[59]      ASIC, answers to written questions on notice Nos. 13 and 18.

Chapter 4 - Legitimacy by association

[1]        Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 12.

[2]        Royce Millar and Simon Johanson, 'Watchdog moves on land banking as investors fear losses', Saturday Age, 15 August 2015, pp 8–9.

[3]        Mr Muto was a councillor for Greater Shepparton City Council from November 2008 until May 2014, when he was disqualified for seven years due to gross misconduct. At different times during his tenure Mr Muto was suspended from carrying out his duties while facing criminal charges as well as complaints of gross misconduct, and in May 2014 he was sentenced to eight months imprisonment after being found guilty of attempting to pervert the course of justice —these legal proceedings were unrelated to Mr Muto's presentation at the 21^st Century Property Direct seminar. County Court of Victoria at Melbourne, Criminal Jurisdiction, CR 13-01208, Director of Public Prosecutions v Milvan Muto https://www.countycourt.vic.gov.au/sites/default/files/recent-decisions/MUTO%20Milvan%20(22%20May%202014).pdf (accessed 5 January 2016).

[4]        Ms Grazyna Monka, Submission 148, around 8 to 25 minutes into DVD no. 3.

[5]        Ms Grazyna Monka, Submission 148, around 22 minutes into DVD no. 3.

[6]        Ms Grazyna Monka, Submission 148, around 23 minutes into DVD no. 3.

[7]        Darren Linton, 'Muto Angst', Shepparton News, 11 March 2015, p. 1.

[8]        Darren Linton, 'Muto Angst', Shepparton News, 11 March 2015, p. 1.

[9]        Shepparton News, 'Proposed Moira Park' Green City development', 11 March 2015, http://www.mmg.com.au/local-news/shepparton/proposed-moira-park-green-city-development-1.89501 (accessed 4 January 2016). One area had been designated an '"Investigation Area"—15+ years' and another an 'Investigation area'.

[10]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, pp. 7, 10.

[11]      Ms Grazyna Monka, Submission 148, around 31 and 41 minutes into DVD no. 3.

[12]      Ms Grazyna Monka, Submission 148, around 25 minutes into DVD no. 4.

[13]      Ms Grazyna Monka, Submission 148, around 29 minutes into DVD no. 3.

[14]      Author unknown, Moira Park Green City: Shepparton's neighbourhood of the future, p. [8], http://21stcenturyfileserver1.com/pdf/pd/moira/moira_park_brochure.pdf (accessed 5 November 2015).

[15]      Ms Grazyna Monka, Submission 148, around 32 minutes into DVD no. 3.

[16]      SMEC Urban to Mr Nejat Mackali, 5 October 2011 attached with correspondence to the committee, 26 November 2015.

[17]      Correspondence, SMEC Urban to the committee, 26 November 2015.

[18]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36; Mr Trevor Haynes, Committee Hansard, 30 September 2015, pp. 38-39; Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 41.

[19]      Slater and Gordon Lawyers, answer to written question on notice, 2 December 2015, p. 3.

[20]      Mr & Mrs Jim and Alison Guy, Submission 150, p. [2].

[21]      Slater and Gordon, Submission 147, p. 2.

[22]      Name withheld, Submission 149, p. [12].

[23]      Name withheld, Submission 149, pp. [15-21].

[24]      Slater and Gordon Lawyers, Submission 147, p. 2.

[25]      Slater and Gordon Lawyers, Answers to Question on Notice, 2 December 2015, p. 1.

[26]      Committee Hansard, 30 September 2015, p. 48.

[27]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 44.

[28]      Committee Hansard, 30 September 2015, pp. 43, 46 and 48.

[29]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 46.

[30]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36.

[31]      Mr Trevor Haynes, Committee Hansard, 30 September 2015, pp. 38–39.

[32]      Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 41.

[33]      Slater and Gordon Lawyers, Submission 147, p. 1 and Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 48.

[34]      Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 41.

[35]      Slater and Gordon Lawyers, Submission 147, Attachment 2, p. [1].

[36]      Mr Adam Zuchowski, Submission 145, p. [4].

[37]      Mr Adam Zuchowski, Submission 145, pp. [4–5].  It should be noted that only an excerpt of the off-the-plan contract of sale was provided and it is not possible for the committee to confirm the authenticity of this document.

[38]      Mr Adam Zuchowski, Submission 145, p. [3].

[39]      Mr Adam Zuchowski, Submission 145, attachment 1, p. [1].

[40]      Slater and Gordon Lawyers, answer to Question on Notice, 2 December 2015, p. 2.

[41]      Mr & Mrs Jim and Alison Guy, Submission 150, [p. 53]. Architect Mr Hakan Elevli, Principal of Elevli Plus, has publicly stated that he has sold his copyright on the Foscari drawings, and he has no ongoing involvement in the project. Royce Miller, Simon Johanson and Ben Schnieders, 'Kaye continues to conjure', Sydney Morning Herald, 8 March 2015.

[42]      Mr & Mrs Jim and Alison Guy, Submission 150, p. [57].

[43]      Mr & Mrs Jim and Alison Guy, Submission 150, around 58 minutes into DVD no. 2.

[44]      Peddle Thorp Architects, answer to written question on notice.

[45]      Peddle Thorp Architects, answer to written question on notice.

[46]      ASIC, 'Heritage Bendigo and Foscari', frequently asked questions.

[47]      Market First, Unique benefits, http://www.marketfirstgroup.com.au/latest-news-1/foscari-development-council-approved (accessed 18 September 2015).

[48]      Name withheld, Submission 149, p. [27].

[49]      Pearson, Des, Office of Living Victoria: Independent Review, September 2015, p. 27, http://delwp.vic.gov.au/__data/assets/pdf_file/0010/311779/OLV-Des-Pearson-Review-REPORT-FINAL-SEPTEMBER-2015.pdf (accessed 18 September 2015).

[50]      Royce Millar and Ben Schneiders, 'Dan Andrews wants water money back from Henry Kaye‑linked project', the Age, 3 September 2015.

[51]      Royce Millar and Ben Schneiders, 'Dan Andrews wants water money back from Henry Kaye‑linked project', the Age, 3 September 2015.

Chapter 5 - Referrals and independent advice

[1]        Committee Hansard, 30 September 2015, p. 19.

[2]        Mr Nejat Mackali, correspondence to the committee, 22 October 2015 and Mr Jamie McIntyre, correspondence to the committee, 25 November 2015.

[3]        Committee Hansard, 30 September 2015, p. 57.

[4]        Committee Hansard, 30 September 2015, p. 57.

[5]        Committee Hansard, 30 September 2015, pp. 23 and 25.

[6]        ASIC, answer to written question on notice No. 15.

[7]        Committee Hansard, 30 September 2015, p. 48.

[8]        Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 48.

[9]        Slater and Gordon Lawyers, answer to question on notice, 2 December 2015, p. 2.

[10]      Slater and Gordon Lawyers, answer to question on notice, 2 December 2015, p. 2.

[11]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 45.

[12]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 46.

[13]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 43; Slater and Gordon Lawyers, Submission 147, Attachment 1. 

[14]      Slater and Gordon Lawyers, answer to question on notice, 2 December 2015, pp. 2-3.

[15]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 37.

[16]      Mr Trevor Haynes, Committee Hansard, 30 September 2015, p. 39.

[17]      Slater and Gordon Lawyers, answer to question on notice, 2 December 2015, p. 3.

[18]      Ms Grazyna Monka, Submission 148, around 60 minutes into DVD no. 3.

[19]      Ms Grazyna Monka, Submission 148, around 60 minutes into DVD no. 3.      

[20]      Ms Grazyna Monka, Submission 148, around 60 minutes into DVD no. 3.      

[21]      ASIC, answer to question on notice, 30 November 2015, p. 11.

[22]      Market First, 'Secure Your Wealth' Property Investment System, attachment to Submission 150, p. 41.

[23]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 8.

Chapter 6 - Recourse

[1]        Committee Hansard, 30 September 2015, p. 15.

[2]        Rowan Burn, Universal Laws of Wealth, 2012, http://mypropertyinvestor.com.au/wp-content/uploads/2013/03/TheWealthReport.pdf (accessed 18 January 2016).

[3]        Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 42.

[4]        Ms Liesl Baxter, Committee Hansard, 30 September 2015, p. 42.

[5]        Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36.

[6]        Royce Millar, Simon Johanson and Ben Schneiders, 'Investors' dreams turn to dust', Sunday Age, 8 March 2015, p. 28.

[7]        Mr Jim Guy, Committee Hansard, 30 September 2015, p. 36.

[8]        PPB Advisory, Administrators' supplementary report: Section 429A of the Corporations Act 2001—Midland Hwy Pty Ltd (Administrators Appointed) CAN 153 096 069, 14 October 2015, p. 2.

[9]        ASIC, '21^st Century Group land banking proceedings: Frequently asked questions', http://asic.gov.au/about-asic/media-centre/key-matters/21st-century-group-land-banking-proceedings/ (accessed 24 September 2015).

[10]      ACCC, answer to written question on notice Nos. 15–18 and 22, p. 7.

[11]      ASIC, answer to question on notice, 30 November 2015, p. 8.

[12]      Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 5.

[13]      ACCC, answer to written question on notice Nos. 1–6, 12–15, 21, p. 5.

[14]      ACCC, answer to written question on notice Nos. 1–6, 12–15, 21, p. 5.

[15]      Mr & Mrs Jim and Alison Guy, Submission 150, p. [5].

[16]      Mr Jim Guy, Committee Hansard, 30 September 2015, p. 38.

[17]      Mr Trevor Haynes, Committee Hansard, 30 September 2015, p. 42.

[18]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 52.

[19]      Ms Sharon Taylor, General Manager, Professional Standards and Risk, Slater and Gordon, Committee Hansard, 30 September 2015, p. 52.

[20]      ASIC, answer to question on notice, 15 November 2015, p. 1.

[21]      Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 13. The exception is the Tarneit project, where the money-back guarantee commences if the project is not approved after 10 years: Mr Jamie McIntyre, CEO, 21^st Century Group, Committee Hansard, 30 September 2015, p. 21.

[22]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 9.

[23]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 9.

[24]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 10.

[25]      Committee Hansard, 30 September 2015, p. 1.

[26]      Committee Hansard, 30 September 2015, p. 52.

[27]      Committee Hansard, 30 September 2015, p. 2.

[28]      Committee Hansard, 30 September 2015, p. 63.

[29]      Mr Jamie McIntyre, Submission 146, pp. 55–75.

[30]      Mr Jamie McIntyre, Submission 146, p. 71.

[31]      Mr Jamie McIntyre, Submission 146, p. 62.

[32]      Mr Jamie McIntyre, Submission 146, p. 61.

[33]      Mr Jamie McIntyre, Submission 146, p. 57.

[34]      Mr Jamie McIntyre, Submission 146, p. 55.

[35]      ASIC, 'ASIC restrains Macro Realty Developments Pty Ltd and Jamie McIntyre's 21^st Century Property and 21^st Century Education from promoting Pilbara property investment', Media release 15-250MR, 14 September 2015.

[36]      ASIC, 'ASIC restrains Macro Realty Developments Pty Ltd and Jamie McIntyre's 21^st Century Property and 21^st Century Education from promoting Pilbara property investment', Media release 15-250MR, 14 September 2015.

[37]      ASIC, 'ASIC restrains Macro Realty Developments Pty Ltd and Jamie McIntyre's 21^st Century Property and 21^st Century Education from promoting Pilbara property investment', Media release 15-250MR, 14 September 2015.

[38]      ASIC, answer to question on notice, 30 November 2015, p. 8; ASIC, media release 15-250MR, 'ASIC restrains Macro Realty Developments Pty Ltd and Jamie McIntyre's 21st Century Property and 21st Century Education from promoting Pilbara property investment', 14 September 2015, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-250mr-asic-restrains-macro-realty-developments-pty-ltd-and-jamie-mcintyres-21st-century-property-and-21st-century-education-from-promoting-pilbara-property-investment/ (accessed 14 January 2016).

Chapter 7 - Managed investment schemes and self-managed superannuation funds

[1]        Mr Tim Mullaly, Senior Executive Leader-Financial Services, ASIC, Proof Estimates Hansard, 3 June 2015, pp. 21 and 22. 

[2]        ASIC, 'ASIC acts against 21st Century Group and Jamie McIntyre land banking schemes', 15-214MR, 7 August 2015, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-214mr-asic-acts-against-21st-century-group-and-jamie-mcintyre-land-banking-schemes/ (accessed 4 January 2016).

[3]        ASIC, 'ASIC acts against 21st Century Group and Jamie McIntyre land banking schemes', Media release 15-214MR, 7 August 2015.

[4]        ASIC, answer to question on notice, 30 November 2015, p. 10.

[5]        ASIC, answer to question on notice, 30 November 2015, p. 6.

[6]        Corporations Act 2001, s 601FA.

[7]        Corporations Act 2001, s 601FC(2).

[8]        Corporations Act 2001, s 601FC.

[9]        Corporations Act 2001, s 601FD.

[10]      ASIC, 'Jamie McIntyre and 21st Century land banking companies agree to the appointment of provisional liquidators and other interim orders', Media release 15-289MR (including updates), 7 October 2015.

[11]      ASIC, 'ASIC acts against 21st Century Group and Jamie McIntyre land banking schemes',     15-214MR, 7 August 2015, Editor's note 9, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-214mr-asic-acts-against-21st-century-group-and-jamie-mcintyre-land-banking-schemes/ (accessed 19 February 2016). The Federal Court also accepted an extension of the undertakings from Messrs Jamie and Dennis McIntyre that until 4pm on 10 March 2016, they would give notice to ASIC of any travel outside of Australia and deliver their passports to their solicitors.

[12]      ASIC, answer to question on notice, 15 November 2015, pp. 2-3 (emphasis added).

[13]      Mr Tim Mullaly, Senior Executive Leader, ASIC, Committee Hansard, 30 September 2015, p. 64.

[14]      ASIC, answer to question on notice, 30 November 2015, p. 11.

[15]      ASIC, answer to question on notice, 30 November 2015, p. 8.

[16]      ASIC, answer to question on notice, 30 November 2015, pp. 9, 12.

[17]      ASIC, answer to question on notice, 30 November 2015, p. 9.

[18]      ASIC, answer to question on notice, 30 November 2015, p. 9.

[19]      ASIC, answer to question on notice, 30 November 2015, p. 11.

[20]      Corporations Act, subsection 911A(1).

[21]      ASIC, 'Property spruiker found to have provided unlawful advice', Media release 15-300MR, 20 October 2015.

[22]      ASIC, 'ASIC obtains final orders against Park Trent', Media release 15-358MR, 30 November 2015.

[23]      ASIC, 'ASIC seeks court order to stop property promoter from providing unlicensed financial product advice on SMSFs', Media release 14-299MR, 11 November 2014.

[24]      Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 3) [2015] NSWSC 1527 at paragraph 499 (Sackville AJA).

[25]      Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 3) [2015] NSWSC 1527 at paragraph 131 (Sackville AJA).

[26]      Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 3) [2015] NSWSC 1527 at paragraph 137 (Sackville AJA).

[27]      Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 4) [2015] NSWSC 1767.

[28]      ASIC, 'ASIC obtains final orders against Park Trent', Media release 15-358MR, 30 November 2015.

[29]      See paragraph 6.27.

[30]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 9.

[31]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 8.

[32]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 10.

[33]      ASIC, Advice on self-managed superannuation funds: Disclosure of costs, Information sheet 206, July 2015.

[34]      ASIC, Advice on self-managed superannuation funds: Disclosure of costs, Information sheet 206, July 2015.

[35]      Ms Grazyna Monka, Committee Hansard, 30 September 2015, p. 8.

[36]      Corporations Regulations 2001, regulation 7.1.29A.

[37]      ASIC, answer to question on notice, 30 November 2015, p. 11.

Chapter 8 - Reforms

[1]        Reserve Bank of Australia, 'Proportion of Investment Housing Relative to Owner-Occupied Housing', June 2015, http://www.rba.gov.au/publications/submissions/inquiry-into-home-ownership/proportion-investment-housing-relative-owner-occ-housing.html.

[2]        Section 763B, Corporations Act 2001.

[3]        Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 1.

[4]        Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 2.

[5]        The Hon. Jane Garett, MP, Victorian Minister for Consumer Affairs, Gaming and Liquor Regulation, 'Long Overdue Review of Consumer Property Acts', Media release, 21 August 2015.

[6]        Consumer Affairs Victoria, 'Consumer property law review', https://www.consumer.vic.gov.au/resources-and-education/legislation/public-consultations-and-reviews/consumer-property-law-review (accessed 25 January 2016).

[7]        ACCC, answer to written question on notice, Nos. 7–9, p. 4.

[8]        Committee Hansard, 30 September 2015, p. 4.

[9]        Committee Hansard, 30 September 2015, p. 3.

[10]      ACL (Schedule 2 of the Competition and Consumer Act 2010), Chapter 5. Also refer to the findings of the Victorian Parliament Law Reform Committee, Inquiry into Property Investment Advisers and Marketeers, Final Report, April 2008, p. 70.

[11]      ACCC, answer to written question on notice, No. 9, p. 5.

[12]      Sections 762A, 763A and 764, Corporations Act 2001.

[13]      Australian Government, Financial System Inquiry Final Report, March 1997, p. 37,  Recommendation 16.

[14]      ASIC, Review of the Financial Advising Activities of Real Estate Agents—Interim Report, July 1999, pp. 16–17.

[15]      ASIC, Review of the Financial Advising Activities of Real Estate Agents—Interim Report, July 1999, p. 17.

[16]      ASIC, Review of the Financial Advising Activities of Real Estate Agents—Interim Report, July 1999, p. 14.

[17]      ASIC, Review of the Financial Advising Activities of Real Estate Agents—Interim Report, July 1999, p. 10.

[18]      ACCC, 'ACCC institutes against Henry Kaye, National Investment Institute Pty Ltd over property investment "Millionaires" promotion', 1 October 2003, http://www.accc.gov.au/media-release/accc-institutes-against-henry-kaye-national-investment-institute-pty-ltd-over-property (accessed 6 January 2016).

[19]      Australian Competition and Consumer Commission v Henry Kaye and National Investment Institute Pty Ltd [2004] FCA 1363 at paragraph 4.

[20]      Australian Competition and Consumer Commission v Henry Kaye and National Investment Institute Pty Ltd [2004] FCA 1363 [6].

[21]      Australian Competition and Consumer Commission v Henry Kaye and National Investment Institute Pty Ltd [2004] FCA 1363 [6].

[22]      Australian Competition and Consumer Commission v Henry Kaye and National Investment Institute Pty Ltd [2004] FCA 1363 [7].

[23]      Australian Competition and Consumer Commission v Henry Kaye and National Investment Institute Pty Ltd [2004] FCA 1363 and ACCC, 'Federal Court finds Henry Kaye misled over 'millionaires' advertising', 22 October 2004http://www.accc.gov.au/media-release/federal-court-finds-henry-kaye-misled-over-millionaires-advertising (accessed 6 January 2016).

[24]      ACCC, 'Henry Kaye drops Full Federal Court appeal against ACCC', 5 April 2005 http://www.accc.gov.au/media-release/henry-kaye-drops-full-federal-court-appeal-against-accc (accessed 6 January 2016).

[25]      Australian Competition and Consumer Commission v Henry Kaye and National Investment Institute Pty Ltd [2004] FCA 1363 [205].

[26]      See Victorian Parliament Law Reform Committee, Inquiry into Property Investment Advisers and Marketeers, Final Report, April 2008, pp. 2–3.

[27]      Victorian Parliament Law Reform Committee, Inquiry into Property Investment Advisers and Marketeers, Final Report, April 2008, p. 3.

[28]      Productivity Commission, Review of Australia's Consumer Policy Framework,  Productivity Commission Inquiry Report, Volume 2—Chapters and Appendixes, No. 45, 30 April 2008, p. 55, http://www.pc.gov.au/inquiries/completed/consumer-policy/report/consumer2.pdf (accessed 5 January 2016). See also, Real Estate Institute of Australia, Submission on Review of Australia's Consumer Policy Framework, 11 May 2007, paragraph 46 which stated 'Some four years after the event, the real estate industry is still awaiting a report from MCCA. Meanwhile, property investment 'advisers' often referred to as spruikers, may continue to operate in the marketplace'.

[29]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses, June 2005, paragraph 2.17.

[30]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses, June 2005, paragraph 2.19.

[31]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses, June 2005, paragraphs 2.97, 3.54–3.56.

[32]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses?, June 2005, p. 44.

[33]      Victorian Parliament Law Reform Committee, Inquiry into Property Investment Advisers and Marketeers, Final Report, April 2008, p. 70. 

[34]      Victorian Parliament Law Reform Committee, Inquiry into Property Investment Advisers and Marketeers, Final Report, April 2008, p. xxviii.

[35]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses?, June 2005, p. 31.

[36]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, pp. 55 and 57. The Property Investment Professionals of Australia (PIPA), a not-for-profit association established in 2005 to promote the professional standards and accreditation of the practitioners in the property investment advice industry. PIPA has 149 corporate and individual members, which could represent more than 1,000 practitioners.

[37]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, p. 55.

[38]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, p. 55.

[39]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, p. 58.

[40]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, p. 58.

[41]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, p. 56.

[42]      Property Investment Professionals of Australia, Submission 144, p. [2].

[43]      Property Investment Professionals of Australia, Submission 144, pp. [1–3].

[44]      As part of the government's response to the Financial System Inquiry, the government is currently developing legislation to lift the professional standards of financial advisers: see Australian Government, Improving Australia's financial system: Government response to the Financial System Inquiry, October 2015, p. 7.

[45]      The Hon Kelly O'Dwyer MP, Minister for Small Business and Assistant Treasurer, Media Release, 'Raising professional standards of financial advisers, 3 December 2015, http://kmo.ministers.treasury.gov.au/media-release/033-2015/ (accessed 19 December 2015).Parliament is expected to consider the legislation in early 2016, before the establishment of a new standard setting body. 

[46]      Committee Hansard, 30 September 2015, p. 3.

[47]      Committee Hansard, 30 September 2015, p. 4.

[48]      Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 3.

[49]      ACCC, answer to written question on notice Nos. 15–18, 22, p. 7.

[50]      See paragraph 8.42.

[51]      Like the MCCA, the Consumer Affairs Forum consists of all Commonwealth, State, Territory and New Zealand Ministers responsible for fair trading and consumer protection laws.

[52]      CAANZ supports CAF and consists of the most relevant senior officer of Commonwealth, State, Territory and New Zealand government agencies responsible for consumer affairs or fair trading. It provides COAG with an annual report on decisions taken as a result of its legislative or governance responsibilities and changes made to legislation or agreements.

[53]      Australian consumer law, Review of the Australian Consumer Law http://consumerlaw.gov.au/review-of-the-australian-consumer-law/ (accessed 6 January 2016).

[54]      Australian consumer law, Review of the Australian Consumer Law, Terms of reference, http://consumerlaw.gov.au/review-of-the-australian-consumer-law/terms-of-reference/ (accessed 6 January 2016).

[55]      Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 2.

[56]      Consumer Affairs Australia and New Zealand, Implementation of the Australian Consumer Law, Report on progress IV (2013–14), December 2014.

[57]      ACCC, answer to written question on notice Nos. 1–6, 12–15, 21, p. 6.

[58]      Dr Elizabeth Lanyon, Director, Regulation and Policy Division, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 1.

[59]      Mr Simon Cohen, Director, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 5.

[60]      Australian consumer law, 'ACL National Projects', http://consumerlaw.gov.au/acl-national-projects/ (accessed 4 January 2016).

[61]      Consumer Affairs Victoria, ' Working with other Australian Consumer Law regulators', https://www.consumer.vic.gov.au/annual-report/our-achievements/a-modern-and-effective-consumer-law-framework/working-with-other-australian-consumer-law-regulators (accessed 21 January 2016).

[62]      Consumer Affairs Victoria, ' Working with other Australian Consumer Law regulators', https://www.consumer.vic.gov.au/annual-report/our-achievements/a-modern-and-effective-consumer-law-framework/working-with-other-australian-consumer-law-regulators (accessed 21 January 2017).

[63]      NSW Department of Finance, Services and Innovation, 'Property spruikers put on notice by regulators', Media release, 30 July 2015.

[64]      Amy Bainbridge, 'Property investment spruikers on notice to abide by consumer law', ABC News, 30 May 2014, http://www.abc.net.au/news/2014-05-30/property-spruikers-on-notice-to-abide-by-consumer-law/5487542 (accessed 3 December 2015).

[65]      Dr Elizabeth Lanyon, Director, Regulation and Policy Division, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 2. See also, paragraph 3.11.

[66]      Dr Elizabeth Lanyon, Director, Regulation and Policy Division, Consumer Affairs Victoria, Committee Hansard, 30 September 2015, p. 6.

[67]      ACL (Schedule 2 of the Competition and Consumer Act 2010), section 82. Under the ACL, there is a single national law covering unsolicited sales practices, including direct selling and investment seminars. In particular, consumers have the right to terminate unsolicited agreements during specified time periods.

[68]      Western Australia Department of Commerce, 'Property spruikers must offer a cooling off period', Media release, 12 June 2014.

[69]      NSW Government Fair Trading, 'Property spruikers must offer a cooling off period', Media release, 2 June 2014.

[70]      See Victorian Parliament Law Reform Committee, Inquiry into Property Investment Advisers and Marketeers, Final Report, April 2008, p. 85. 

[71]      Australian Government, Australian Consumer Law—Terms of Reference, http://consumerlaw.gov.au/review-of-the-australian-consumer-law/terms-of-reference/ (accessed 3 December 2015).

[72]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses?, June 2005, pp. 13–16.

[73]      Subsection 766B(3), Corporations Act 2001.

[74]      ASIC, Regulatory Guide 175, Licensing: Financial product adviser—conduct and disclosure, October 2013, paragraph RG 175.45.

[75]      ASIC, Regulatory Guide 244, Giving information, general advice and scaled advice, December 2012, p. 53.

[76]      Subsection 766B(4), Corporations Act 2001.

[77]      ASIC, Regulatory Guide 175, Licensing: Financial product advisers—conduct and disclosure, October 2013, p. 98.

[78]      ASIC, Regulatory Guide 244, Giving information, general advice and scaled advice, December 2012, paragraph RG 244.43.

[79]      For example, the ban on conflicted remuneration, under Division 4 of Part 7.7A, applies to both general and personal advice given to retail clients but the best interests duty obligations, under Division 2 of Part 7.7A, only apply to retail clients who receive personal advice.

[80]      The committee tabled its report in the Senate on 16 June 2014.

[81]      Committee Hansard, 22 May 2014, p. 17.

[82]      Senate Economics Legislation Committee, Corporations Amendment (Streamlining of Future of Financial Advice Bill 2014 [Provisions], June 2014, p. 77.

[83]      Australian Government, Financial System Inquiry, Final Report, November 2014, Recommendation 40, pp. 271–272.

[84]      Australian Government, Improving Australia's financial system: Government response to the Financial System Inquiry, October 2015, p. 22.

[85]      See Chapter 3, Figure 1 and paragraph 3.37.

[86]      Market First, 'Secure Your Wealth' Property Investment System, attachment to Submission 150, p. 39.

[87]      Parliamentary Joint Committee on Corporations and Financial Services, Property Investment Advice—Safe as Houses?, June 2005, p. 45.

[88]      Mr Benjamin Kingsley, Chair, Property Investment Professionals of Australia, Committee Hansard, 30 September 2015, p. 56.

[89]      ASIC, Answers to Question on Notice, 30 November 2015, p. 4; ASIC, Land banking, https://www.moneysmart.gov.au/investing/investment-warnings/land-banking (accessed 8 December 2015).

[90]      ASIC, Land banking, https://www.moneysmart.gov.au/investing/investment-warnings/land-banking (accessed 8 December 2015).

[91]      ASIC, answer to written question on notice, 30 November 2015, p. 4; Google search was conducted on 8 December 2015.

[92]      ASIC, Investment seminars, https://www.moneysmart.gov.au/investing/investment-warnings/investment-seminars (accessed 8 December 2015).

[93]      ASIC, National Financial Literacy Strategy 2014–17: Action plan, ASIC Report 404, August 2014, p. 7.

[94]      Mr Tim Mullaly, Senior Executive Leader, ASIC, Committee Hansard, 30 September 2015, p. 60.

[95]      Consumer Affairs Victoria, 'High-risk property investments', https://www.consumer.vic.gov.au/housing-and-accommodation/buying-and-selling-property/buying-property/high-risk-property-investments (accessed 25 January 2016).

[96]      Consumer Affairs Victoria, High-risk property investments, https://www.consumer.vic.gov.au/housing-and-accommodation/buying-and-selling-property/buying-property/high-risk-property-investments (accessed 8 December 2015).

[97]      ACCC, answer to written question on notice Nos. 19 and 20, p. 8.