Former authorised rep sues PIS
A former Professional Investment Services (PIS) authorised representative is suing the company claiming he is owed more than $16,000 in back commissions and fees.
The claim was lodged in the Queensland Magistrates Court in late April but his law firm, Slater and Gordon, went public with the litigation today.
The former authorised representative, Simon Jones, resigned from PIS in December last year, and Slater and Gordon senior lawyer Andy Munro said his client was claiming that PIS failed to pass on more than $16,000 in fees he was owed.
Munro sought to link the dispute to the share scheme run by PIS parent, Professional Investment Holdings (PIH), saying that during his time with the company, Jones had refrained from recommending any products that rewarded an adviser with shares in PIH.
Jones claimed that PIS was currently working to untangle the share scheme and buy back the PIH shares rewarded to advisers for recommending products PIS had vested interests in and suggested that this might have put a strain on the firm's cash flow.
AUTHOR
Mike Taylor
Recommended for you
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
With the high cost of advice keeping young Australians locked out of advice, a fintech provider has said digital advice is key for licensees to capture this unadvised demographic.
ASIC chair Joe Longo has announced he will step down at the end of his term, departing the corporate regulator in May 2026.
When it comes to the phase-out of AT1 bonds, Schroders fixed income manager Helen Mason has urged financial advisers to sell up sooner rather than later or risk capital losses.
