ASIC update: Compensation for financial advice related misconduct as at 30 June 2022 miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
<p><span>Six of Australia s largest banking and financial services institutions have paid or offered a total of $3.6 billion in compensation, as at 30 June 2022, to customers who suffered loss or detriment because of </span><span>fees for no service</span><span> misconduct or </span><span>non-compliant advice</span><span>.</span></p>
<p><span>Six of Australia s largest banking and financial services institutions have paid or offered a total of $3.15billion in compensation, as at 31 December 2021, to customers who suffered loss or detriment because of <span>fees for no service</span> misconduct or <span>non-compliant advice</span>.</span></p>
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ASIC update: Compensation for financial advice related misconduct as at 31 December 2021 miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Date Time
ASIC bans Hobart adviser for four years
ASIC has banned Hobart-based financial 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.
ASIC found that Ms Jennings failed to act in the best interests of her clients by providing advice that was inappropriate in light of her clients’ relevant personal circumstances.
ASIC reviewed advice provided by Ms Jennings which recommended clients continue with double gearing strategies despite knowing that clients struggled to service the borrowing arrangements.
In providing this advice, Ms Jennings had no regard to the clients’ relevant personal circumstances, their cash flow position or their ability to cover margin calls. Ms Jennings also failed to consider an exit strategy for her clients as well as appropriate personal insurance cover.