Financial advice firm to pay $1 million penalty for breach of best interests duty

Financial advice firm to pay $1 million penalty for breach of best interests duty

Australia

  • 10/30/2017
  • Fine
  • 1,000,000.00
  • Australian Securities and Investments Commission
Abuse

Detail

The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.

Source Link

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-365mr-financial-advice-firm-to-pay-1-million-penalty-for-breach-of-best-interests-duty/

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