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Class action argues fraud exception makes Norton Rose, Deloitte emails fair game
Class Actions 2023-04-26 11:47 pm By Cindy Cameronne

A class action over the collapse of Walton Construction has argued the National Australia Bank cannot shield communications with Norton Rose Fulbright and Deloitte because they were made to further a fraud or otherwise had an illegal or improper purpose.

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IOOF unit fined $6M for financial adviser’s bad advice
Financial Services 2022-02-03 6:26 pm By Cat Fredenburgh

A judge has hit IOOF unit RI Advice with a $6 million penalty for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments, despite earlier expressing concerns the penalty may not have enough sting.

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Judge questions if ASIC’s proposed $6M penalty against IOOF unit has enough sting
Financial Services 2022-02-01 4:01 pm By Bianca Hrovat

A judge has raised concerns about a $6 million penalty proposed by the Australian Securities and Investments Commission against IOOF unit RI Advice for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments.

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ASIC wins bad advice case against IOOF unit RI Advice
Financial Services 2021-08-02 10:30 am By Cindy Cameronne

The Australian Securities and Investments Commission has won its case against IOOF unit RI Advice, with a judge finding the financial services firm failed to ensure its advisers acted in the best interests of clients and did not give inappropriate advice.

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ASIC triumphs in ‘bad advice’ case against IOOF unit
Financial Services 2021-03-24 12:29 pm By Miklos Bolza

A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.

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Financial adviser drops defence in ASIC’s bad advice case against IOOF unit
Financial Services 2021-03-02 3:00 pm By Christine Caulfield

A former financial planner of IOOF unit RI Advice, who has been accused by ASIC of pocketing hefty commissions from clients steered to risky investments, has abandoned his defence on the second day of trial.

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Fair trial may not be possible for adviser targeted by ASIC in IOOF unit case, court told
Financial Services 2021-03-01 9:57 pm By Christine Caulfield

A financial adviser at the centre of ASIC’s bad advice case against an IOOF unit might mount an argument that a fair trial is not possible because of his “fulsome” answers to investigators during a compulsory examination.

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ASIC proves prescient with failure of mediation on eve of IOOF trial
Financial Services 2021-02-26 9:52 pm By Christine Caulfield

ASIC’s warning about the futility of mediation with an IOOF subsidiary has proved prophetic, with talks last week failing to resolve the regulator’s case ahead of trial starting Monday.

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‘Completely futile’: ASIC resists mediation push from judge concerned about cost of IOOF trial
Financial Services 2021-02-08 12:25 pm By Spencer Fowler Steen

A judge has ordered ASIC to enter mediation before heading into a “very expensive” trial with an IOOF subsidiary accused of giving shonky advice, over objections from the regulator that mediation would be “completely futile”.

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IOOF unit can’t stop ASIC from using royal commission evidence
Financial Services 2020-09-07 6:37 pm By Miklos Bolza

An IOOF subsidiary sued over “bad advice” has failed in its bid to stop ASIC from using documents from the banking royal commission as evidence in the case, with a judge saying the company had already provided the material to the financial watchdog without objection.

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