The charges follow an ASIC investigation into Mr Goel’s conduct when dealing with potentially vulnerable consumers in relation to their superannuation. ASIC further alleges that Mr Goel acted dishonestly in relation to hardship and other applications to superannuation funds on behalf of his customers.

So far in 2021, there has been over 20,000 reports of scams throughout Australia, with almost $23 million in losses. These numbers are shocking, considering we are only half way through the year.

OnePath Life will remediate up to $35 million to more than 40,000 life insurance customers who were sold products over the phone between 2010 and 2016, the corporate regulator announced today.

Westpac will pay around $87 million in compensation to about 32,000 customers whose financial advisers failed to notify them of market-sensitive information about their shareholdings over a fourteen-year period.

ASIC has banned Hobart-based, former Meritum Financial Group and InterPrac Financial Planning adviser, Hannah Jennings from providing financial services, carrying on a financial services business and controlling an entity that carries on a financial services business for four years.

On 11 June 2017, Mr Hutchison was permanently banned by ASIC from providing financial services (17-188MR). ASIC had found that between January 2011 and November 2012, as a financial adviser and authorised representative of RI Advice Group Pty Ltd (RI Advice), Mr Hutchison acted dishonestly.

Brisbane-based former financial adviser Nathan Smith has been banned from providing financial services for three years.

ASIC claimed that “AMP companies received over $500,000 in insurance premiums from the superannuation accounts of deceased customers, with at least $350,000 charged between May 2015 and August 2019.”

“Additionally, it is alleged that the AMP companies received over $100,000 in advice fees from deceased customer accounts, with at least $75,000 being charged between May 2015 and August 2019.”

Killara financial planner and the sole director of QWL, Ross Hopkins, has been sentenced by the District Court of New South Wales to a maximum period of six years’ imprisonment after having been convicted of 15 dishonesty offences under the Corporations Act.

Equiti FS breached the Corporations Act when its employed advisers gave financial advice on 12 occasions that was not in their clients’ best interests and was not appropriate for their clients.

Each advice contained a recommendation to establish an SMSF, purchase a property through the SMSF and borrow funds in order to do so.

Financial advisers must not engage in misleading conduct in connection with financial products or services. Financial advisers must also prioritise their clients’ interests when providing personal advice. ASIC may ban an adviser if they lack the necessary competence to provide financial services.