Land banking scam exposed

shutterstock_196533755The Federal Government faces calls to regulate property investment advisors in the same way as financial advisors following an exposé of land banking scams.

Many Australians have invested in land developments that will prove to be worthless, having been enticed by high-pressure sales tactics and misled into thinking they are buying land that will soon jump in value.

The Senate Economic References Committee has called for tighter controls on property investment advisors, saying they should be regulated by the Corporations Act.

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