The Australian Securities and Investments Commission (ASIC) has imposed a ten-year ban on Christopher Malcolm Edwards, a solicitor and accountant based in New South Wales. This prohibition prevents him from providing financial services, controlling any financial services businesses, or performing functions related to financial services during this period.
ASIC’s decision, effective from 15 September 2025, stems from findings that Edwards engaged in a financial services business without possessing an Australian Financial Services (AFS) licence. Investigations revealed that he provided financial product advice over a span of four years, conducting his activities with sufficient system, repetition, and continuity to amount to a financial services business operation.
In its review, ASIC identified serious concerns regarding Edwards’ conduct, particularly in how he approached clients from his legal and accounting practices. He recommended that these clients invest in companies under his control, which raised significant ethical issues. The situation was exacerbated by a clear conflict of interest; as a solicitor and accountant, Edwards had obligations to his clients that were at odds with his personal interests in securing funding for his own property development companies.
ASIC’s investigation has revealed that Edwards arranged “Deeds of Agreement” between his clients and companies he controls. In these arrangements, clients would provide funds for periods of three to four years, with promises of principal repayment and fixed interest rates. Some clients received interest payments quarterly. ASIC classified these agreements as debentures, thus categorizing them as financial products under the provisions of the Corporations Act.
Since 1 July 2016, regulations require all accountants to hold an AFS licence to provide advice regarding acquiring or disposing of interests in Self-Managed Superannuation Funds (SMSFs). Edwards, despite being familiar with the Accountants Exemption and the need for proper authorisation, acted without the necessary licensing. ASIC concluded that he was aware of what constituted financial product advice and that he lacked the authorisation to provide such guidance.
Currently, Edwards is not authorised to deliver any financial services. Although he had held limited financial service authorisations in the past, the imposition of this ban will prevent him from obtaining any future authorisation to practice in this capacity.
ASIC’s ongoing investigation continues to scrutinise Edwards’ practices, which have raised significant concerns about compliance within the financial services industry. The decision to ban Edwards has been recorded in ASIC’s banned and disqualified register. He retains the right to appeal this ruling to the Administrative Review Tribunal, as he seeks to contest the findings of the regulator.
