Stay updated with breaking news from Adrian barwick. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The lawyer for the advisers said despite Macquarie’s win, the ruling has broader implications for the historic underpayment of commission-only advisers. ....
Share Stockbroker Ord Minnett is facing claims it underpaid an adviser $230,000 in wages and annual leave by remunerating him only by commissions, in a case that could open the way for millions of dollars in backpay. Evangelos Theodorou has launched Federal Circuit Court action against the firm for penalties and compensation over the alleged underpayments going back six years and his case is understood to represent the average amount for hundreds of further potential claims against the firm. Ord Minnett is the latest wealth management company to be hit with claims of underpaying staff through commission-only remuneration in what lawyers say is a widespread problem for the finance sector. ....