ASIC accuses Qld couple of fleecing $1.4m

Australia's corporate watchdog has launched legal action against a Sunshine Coast couple accused of misusing $1.4 million in funds from clients' self-managed superannuation funds.

The Australian Securities and Investments Commission is seeking Brisbane Supreme Court orders to liquidate Brett Andrew Gordon's financial planning business Refocus and his partner Heather Jean Swift's business Consultia Super.

ASIC alleges the pair used client money for their own personal use between 2014 and 2017 by recommending customers establish self-managed superannuation funds and then advance unsecured loans to a related company called Diverse Capital Management.

Mr Gordon and Ms Smith allegedly used the cash from Diverse for their personal use and as working capital for their other businesses.

ASIC also alleges Mr Gordon was not licensed to provide financial services at the time.

ASIC will ask the Supreme Court to appoint a provisional liquidator, and to freeze Mr Gordon and Ms Smith's assets.

It also wants Mr Gordon restrained from providing financial services.

The matter will go before the court on July 11.