US EditionCookie-cutter advice and conflicted bonus payments result in $11M penalty for former ASIC licensee
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Cookie-cutter advice and conflicted bonus payments result in $11M penalty for former ASIC licensee
The advice provided was "cookie cutter" and failed to take into account each client’s individual circumstances or objectives. The post Cookie-cutter advice and conflicted bonus payments result in $11M penalty for former ASIC licensee appeared first on FX News Group.
AFSL hit with $11m penalty over conflicted remuneration - Financial Newswire
A financial planning licensee has been hit with a $11,030,000 Federal Court penalty after it was found to have breached conflicted remuneration rules and its advisers provided inappropriate ‘cookie cutter’ advice. ASIC said that DOD Bookkeeping which is in liquidation previously trading as Equiti Financial Services Pty had been the subject of the penalty following the regulator initiating action. Equity FS paid $130,250 in bonuses to three finan…
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