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Richmond Christopher M Edwards Solicitors and Accountants, has been banned for ten years from providing financial services by the Australian Securities & Investments Commission (ASIC). Mr Edwards has the right to appeal this decision before the Administrative Review Tribunal.
The ban, which took effect on 15 September 2025, also prohibits him from controlling, alone or with others, any business that offers financial services, and from performing any role in one.
What led to the ban according to ASIC:
- Mr Edwards was operating a financial services business without holding the required Australian Financial Services (AFS) licence.
- He facilitated clients in setting up Self-Managed Superannuation Funds (SMSFs), rolling over funds into SMSFs, and investing in debentures issued by companies he controlled.
- His advice was provided repeatedly and continuously over four years, which amounts to “carrying on a financial services business” without proper authority.
- ASIC considers his conduct serious because it involved a conflict of interest: in his capacities as solicitor/accountant, he recommended investments in companies in which he had a personal stake, including property development operations.
ASIC found that:
- Mr Edwards is not a “fit and proper person” to offer financial services or to act in leadership of such businesses.
- He does not possess the necessary judgment, skill or character for participation in Australia’s financial services sector.
- He is likely to breach financial services laws if allowed to continue.
What this means locally
- Any of Mr Edwards’ previous clients who were given financial product advice should check whether their investments were compliant with law and whether they have recourse.
- Local solicitor/accountant firms and advisers should note the seriousness with which ASIC treats unlicensed financial advice, especially where conflict of interest is involved.
Mr Edwards' businesses and background
Mr Edwards holds multiple professional registrations: solicitor, tax agent, SMSF auditor, real estate agent. He offered legal, accounting, real estate, mortgage brokering, and property development services.
He does not hold qualifications in financial planning. Some clients entered into “Deeds of Agreement” with companies controlled by Edwards, where they provided funds for periods of three to four years, with promises of fixed interest payments. ASIC determined these deeds effectively operated as debentures, meaning they are financial products as per the Corporations Act.
What to watch
- The banning is logged on ASIC’s Banned and Disqualified Register.
- Mr Edwards has the right to appeal this decision before the Administrative Review Tribunal.
Information contained in this story is taken from an ASIC media release (25-204MR) published 17 September 2025.
