Sahrah Hogan

The Australian Securities and Investments Commission has told a trial judge that superannuation trustee Diversa can’t hide behind outsourcing arrangements to explain its alleged failures to oversee a now-banned financial adviser accused of luring vulnerable customers into signing up to Diversa accounts.

An alternative therapies clinic in Victoria has been hit with $3 million in penalties for allegedly promoting “pseudo-scientific” treatments to vulnerable people with chronic illnesses in posts on social media and its website.