The Australian Securities and Investments Commission (ASIC) has obtained a temporary order from the Federal Court to freeze funds and assets of Australian financial services licensee Brite Advisors Pty Ltd.。

The Australian Securities and Investments Commission applied for the orders because the commission was concerned that Brite's current financial position was unclear because Brite had not filed financial statements and audit reports with the Australian Securities and Investments Commission for the financial year ending 30 June 2022.。

Since December 2019, no entity within the Brite Group has reported the value of funds under Brite's management on its audited balance sheet.。

Brite and its related entities operate in a number of countries, including the UK, US, Hong Kong and Australia, providing advisory, pension management and asset management services。Brite provides an investment platform for self-invested individual pension providers, eligible accredited overseas pension plans and self-managed pension funds.。

Judge Banks-Smith ordered restrictions on Brite's conduct, which included:

transfer of property from Australia; reduce the value of any of its property; assume new liabilities, and withdraw or transfer any funds in any account in which Brite has any legal or equitable interest in any financial institution in Australia and elsewhere。

The Australian Securities and Investments Commission (ASIC) asked for an order to help protect beneficiaries of assets under Brite's management, including those who invest in pensions or retirement benefits on the Brite platform.。

The orders remain in effect until the court holds a further hearing on November 9, 2023.。