Lanterne Fund Services was issued a $1.25 million penalty by the Federal Court for failing to comply with basic obligations, including operating with almost no compliance staff or risk management processes.
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Affected clients of Mercer Financial Advice paid over $14 million in inappropriate ongoing fees, as court documents show ASIC pushed for a penalty of $20 million.
Mercer Financial Advice will pay $12 million after the Federal Court found it failed to meet some disclosure obligations and charged almost $5 million in fees to clients when it was not entitled to do so.