Financial Rescue News
We aim to inform every day Australians of financial industry issues that are occurring around the country. We hope that by providing information, people can either avoid these scams, or can be compensated for their losses. If you have experienced financial losses due to bad financial advice, or any of the situations that are in our news articles below, we are here to help.
INVESTMENT SCAMS: Investment Cold Calls
Cold callers often contact households, posing as investment professionals like stock brokers or financial advisers. They will talk to you about legitimate investments, such as your superannuation, share portfolios, mortgages and real estate. This feigns legitimacy, and convinces people they are a trustworthy financial services organisation. The scammers claim their offer is low-risk, with high-returns through investments in overseas countries, foreign currency trading or options trading.
Investment Scams: Warning Signs
One of the best things to be able to avoid an investment scam, is to know what to look out for. This blog discusses the four major warning signs, that your’'e being scammed! If you receive contact promising any of the below, be extra cautious, and contact ACCC if you are unsure.
WA Financial Advisor, Rahul Goel, Charged with Dishonest Conduct
The charges follow an ASIC investigation into Mr Goel’s conduct when dealing with potentially vulnerable consumers in relation to their superannuation. ASIC further alleges that Mr Goel acted dishonestly in relation to hardship and other applications to superannuation funds on behalf of his customers.
Investment Scams
So far in 2021, there has been over 20,000 reports of scams throughout Australia, with almost $23 million in losses. These numbers are shocking, considering we are only half way through the year.
ASIC Secures up to $35 million in REMEDIATION FOR ONEPATH LIFE CUSTOMERS
OnePath Life will remediate up to $35 million to more than 40,000 life insurance customers who were sold products over the phone between 2010 and 2016, the corporate regulator announced today.
Westpac agrees to make $87 million in reimbursements to customers over dodgy advice.
Westpac will pay around $87 million in compensation to about 32,000 customers whose financial advisers failed to notify them of market-sensitive information about their shareholdings over a fourteen-year period.
ASIC bans Hobart adviser Hannah Jennings for four years
ASIC has banned Hobart-based, former Meritum Financial Group and InterPrac Financial Planning 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.
AAT dismisses application for review of ASIC banning order of Robert Hutchison
On 11 June 2017, Mr Hutchison was permanently banned by ASIC from providing financial services (17-188MR). ASIC had found that between January 2011 and November 2012, as a financial adviser and authorised representative of RI Advice Group Pty Ltd (RI Advice), Mr Hutchison acted dishonestly.
ASIC issues civil penalty action against company formerly called Equiti Financial Services
Equiti FS breached the Corporations Act when its employed advisers gave financial advice on 12 occasions that was not in their clients’ best interests and was not appropriate for their clients.
Each advice contained a recommendation to establish an SMSF, purchase a property through the SMSF and borrow funds in order to do so.
AMP fined $5m for allowing financial advisers to rip off clients
A federal court judge has blasted troubled financial services group AMP for allowing its commission-hungry financial advisers to systematically rip off clients, ridiculing the company’s defence that there was just one “bad apple” and fining it $5.175m.
ASIC bans former Sydney adviser Jim Pavlidis for three years
Sydney-based financial adviser Jim Pavlidis failed to provide financial advice that was in the best interests of his clients and to keep proper records. Mr Pavlidis failed to consider the relevant circumstances of each client and left client objectives unaddressed.
ASIC commences civil penalty proceedings against Squirrel Superannuation Services
Squirrel is a financial technology company that holds an Australian financial services licence (AFSL). ASIC alleges that from around January 2015, Squirrel marketed and sold services helping customers establish and operate self-managed superannuation funds (SMSF) to purchase established residential property.
Mortgage Broker Astna Shirtika Sahay, of Mascot NSW, Banned from engaging in any credit activities for five years.
ASIC has banned mortgage broker Astna Shirtika Sahay, of Mascot NSW, from engaging in any credit activities for five years.
ASIC obtains orders against property developers targeting SMSFs
ASIC raised concerns that Ms Kaur may be allegedly providing unlicensed financial advice services and that she, together with the defendants, are involved in promoting and operating an unregistered managed investment scheme.
ASIC bans Macquarie financial adviser Warren Acworth
Australian Securities and Investments Commission (ASIC) announced today the permanent ban of Macquarie financial adviser Warren Acworth from providing financial services.
ASIC permanently bans dodgy accountant - Tram Tan, Orchard Accountants
Tam Tran, the sole director and shareholder of Orchard Accountants Pty Ltd, was banned following an ASIC investigation that found funds were withdrawn from Ms Tran’s clients’ SMSF accounts without their authority and deposited into the trust account of Orchard Accountants.
ASIC bans former Godfrey Pembroke adviser - Adrian Cassidy
Adelaide-based financial adviser Adrian John Cassidy has been banned from providing financial services for six years, after corporate regulator ASIC found he acted dishonestly in hiding client recommendations from his licensee, Godfrey Pembroke.