ASIC has banned NSW solicitor and accountant, Christopher Malcolm Edwards, from providing financial services for 10 years.
Mr Edwards is also banned from controlling (whether alone or with others) an entity that carries on a financial services business, and from performing any functions involved in the carrying on of a financial services business over the same period.
ASIC is concerned Mr Edwards carried on a financial services business without an Australian Financial Services (AFS) licence and arranged for his clients to:
- set up Self-Managed Superannuation Funds (SMSFs)
- rollover funds into SMSFs, and/or
- invest these funds in debentures issued by companies controlled by Mr Edwards.
ASIC's review of a sample of clients identified that Mr Edwards provided financial product advice over a four-year period. ASIC found that in providing that financial product advice, Mr Edwards did so with sufficient system, repetition and continuity such that he was carrying on a financial services business without holding an AFS licence or holding an authorisation from an AFS licensee.
ASIC found Mr Edwards' conduct in approaching his accounting and legal clients and making recommendations that they invest in companies which he controls was particularly serious. ASIC is also concerned about an inherent and significant conflict of interest given Mr Edwards' obligations to his clients as a solicitor and/or accountant on the one hand, and his personal interest in securing funding for his companies for property developments on the other.
As a result, ASIC has reasons to believe that Mr Edwards:
- is not a fit and proper person to provide financial services, perform functions as an officer of and/or control an entity that carries on a financial services business
- does not have the judgment, skill or character to participate in the Australian financial services industry, and
- is likely to contravene a financial services law.
The banning took effect from 15 September 2025 and has been recorded on ASIC's banned and disqualified register.
Mr Edwards has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
ASIC's investigation into Mr Edwards' conduct is ongoing.
Background
Mr Edwards is a solicitor, registered tax agent, a registered SMSF auditor and a registered real estate agent. Mr Edwards is involved in providing legal services, accounting services, real estate and mortgage brokering services and property development.
Mr Edwards operates a business as a sole trader in Richmond, NSW, under the name Christopher M Edwards Solicitors and Accountants (Business).
Mr Edwards does not hold any qualifications relating to financial planning.
Mr Edwards raised funds from his clients for property developments in NSW and QLD. ASIC found that Mr Edwards arranged 'Deeds of Agreement' between clients and companies he controls where the clients provide the relevant company with money for three or four years and are promised at the end to receive the principal and a fixed rate of interest. In some instances, the interest is paid on a quarterly basis.
ASIC found that the Deeds of Agreement are debentures and therefore a financial product within the provisions of the Corporations Act.
Since 1 July 2016, the law requires all accountants to be covered by an AFS licence to give advice about acquiring or disposing of an interest in an SMSF - that is, they must either hold an AFS licence or be a representative of an AFS licensee. ASIC found that Mr Edwards had knowledge and use of the Accountants Exemption and the need to have an authorisation to provide financial product advice. Ultimately, ASIC found that Mr Edwards was aware of what constituted financial product advice and that he was not authorised to give it.
Mr Edwards is not currently authorised to provide financial services. However, Mr Edwards has previously been authorised to provide limited financial services, and a banning will prevent him becoming authorised and providing financial services in the future.
