Benchmark goes into liquidation

ASIC has appointed a Grant Thornton liquidator to oversee the administration of Queensland-based Benchmark Private Wealth.

The regulator has announced that five companies under the Benchmark Private Wealth banner have entered liquidation, with Michael McCann of Grant Thornton appointed as liquidator.

The companies are:

1. Benchmark Private Wealth Pty Ltd
2. Benchmark Wealth Property Services Pty Ltd
3. Benchmark Private Wealth Holdings Pty Ltd
4. OSK Developments Pty Ltd
5. Young Corporation (NSW) Pty Ltd

ASIC sought the ex parte orders following an investigation into Benchmark and its director, Liam Young, which raised concerns over the solvency of the relevant companies.

A statement from the regulator also issued concerns about transactions entered into by Benchmark with entities linked to the collapsed property spruiker outfit Members Alliance Group under the directorship of Richard Marlborough.

The Benchmark Private Wealth website describes the company as a provider of “considered, professional advice” that aims to “help [consumers] make the best financial decisions”. 

However, the website does not contain any information pertaining to an AFSL and explains that any “financial planning advice” given to clients is provided by third-party referral partners.

Benchmark is a credit representative of Outsource Financial.

Neither Mr Young nor Mr Marlborough appears on the financial advisers register.

[Related: ASIC accepts enforceable undertakings from ANZ and NAB]