Clicky

ASIC takes Melbourne financial advice provider to court

The Australian Securities and Investments Commission (ASIC) has taken to court a Melbourne-based Wealth and Risk Management (WRM), as well as related companies Yes FP and Jeca (trading as Yes FS), for alleged contraventions of their FOFA obligations.

ASIC’s investigation found that WRM provided conflicted advice that breached the best interests obligations contained in the Corporations Act by failing to ensure that its financial services were provided “efficiently, honestly and fairly”.

The company also failed to take reasonable steps to ensure their representatives complied with financial services laws, ASIC said.

Related News:

Yes FS also contravened the act by carrying on a financial services business without holding an Australian Financial Services licence (AFSL) and by engaging in “misleading and deceptive conduct.”

ASIC found that all three companies engaged in unconscionable conduct in connection with the supply or possible supply of financial services.

ASIC said it would seek “injunctive relief, declarations of contraventions and financial penalties”.

WRM is licensed to advise retail clients about life/risk insurance and superannuation products and it authorises advisers, employed by WRM’s corporate authorised representative, Yes FP, which provides personal financial advice to retail clients.

The first hearing before the Federal Court of Australia is scheduled for 31 March.




Related Content

ASIC bans former Macquarie advisers

The Australian Securities and Investments Commission (ASIC) has banned former Macquarie Equities authorised representative and senior wealth advi...Read more

Kell to leave ASIC before year’s end

Peter Kell has resigned as deputy chair of the Australian Securities and Investments Commission (ASIC), effective from 6 December, this year, followin...Read more

It’s official: ASIC uncoupled from public service

The Australian Securities and Investments Commission (ASIC) has been removed from the strictures of the Australian Public Service Act and will be able...Read more

Author

Comments

Comments

How do I find out what happened to yes fs as the last thing I heard from them was A3 Planning had taken over my account to finalize it but I have not been able to contact them as no one answers the phones or they come up as entered wrong and no email replies

Dear William, I would suggest you contact the product provider directly and ask them questions. Then take your information to a reputable Financial Advice firm and let them know your situation. I know that may be a little painful, but it maybe that you could benefit from good advice and many financial advisers will discount their fees to get you started in the right direction.

Oh, you mean like the “misleading and deceptive conduct.” ASIC employed when pushing their investigations into LIF into the political arena and forcing undue legislation?

Or how ASIC engaged in unconscionable conduct in connection with the supply of their bogus 'research' that turned out to be less than 1% of advisers?

Pity we can't seek “injunctive relief, declarations of contraventions and financial penalties” not just from ASIC but personally from their miscreant directors.

Hi i am still waiting on some money from Yes fs which i was suppoe to get last July 2017? It was taken over by A3 Planning Financial i have written numerous e-mails tried to call with no reply. Can some one plese tell me what is going on? when will we get our money very fustrated.

Dear Gina, Please see my response to William. Go to the product provider directly and start asking questions. In defence of the industry it appears that this company was not actually a financial advice company, ASIC may struggle to convict a company that is not licensed as a financial advice company for failing to meet a standard that only applies to licenced financial advice firms..... So unfortunately I do not believe ASIC will be any help to you at this stage. Best go to the product provider and then seek out a good financial adviser and ask what can be done to repair at least some of the damage. I wish I had a better answer for you.

Add new comment