Retirement
Former adviser and accountant jailed for dishonest conduct
A former financial adviser and accountant has been sentenced to jail for dishonestly using his position as a director.
Former adviser and accountant jailed for dishonest conduct
A former financial adviser and accountant has been sentenced to jail for dishonestly using his position as a director.

Satvir Singh Birk of Reedy Creek was sentenced to two-and-a-half years imprisonment at Southport District Court yesterday after pleading guilty to five counts of dishonesty.
Birk is alleged to have used his position as a director of the Carter Group to gain advantage, for himself or others, in the amount of about $800,000 between September 2010 and October 2011.
ASIC alleged that Birk caused cheques to be drawn on a client’s superannuation fund without authorisation; deceived some clients about the use of funds withdrawn from their superannuation accounts; misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme; and deceived another client regarding the price at which units in an unlisted registered managed investment scheme had been sold and used a portion of the proceeds for the benefit of his father.
The allegations occurred in a period when Birk was an authorised representative of Professional Investment Services (PIS) and a director of the Carter Group, which was a corporate authorised representative of PIS at the time.

“Mr Birk’s actions were dishonest and betrayed the trust of his clients. Today’s decision shows this type of behaviour will be met with serious consequences,” said ASIC commissioner Danielle Press.
Birk will serve four months of his conviction behind bars before being released after entering in a recognisance order of $10,000 upon the condition of abiding by a good behaviour bond for two-and-a-half years.
PIS reported Birk and readily assisted during the ASIC investigation. In response to Birk’s conduct, PIS has input a remediation program, which it communicated to all affected clients.
Birk was permanently banned from providing financial services by ASIC in July 2017.

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more