Union Standard was alleged to have failed to comply with its obligation to do all things necessary to ensure financial services covered by its licence were provided efficiently, honestly and fairly. It was also liable for the conduct of the two authorised representatives and made false or misleading representations to potential clients.
ASIC alleged the two authorised representative firms:
Provided personal advice to clients when not licensed to do so;
Made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect to generate; and
Engaged in unconscionable conduct, including by: