Sandhurst to face class action over Wickham Securities collapse
Shine Lawyers is set to launch as class action against Sandhurst Trustees after securing a Federal Court ruling relating to the $30 million collapse of failed property lender Wickham Securities.
Earlier this month the Court ordered Sandhurst to hand over documents that Shine Lawyers' professional negligence department manager, Jan Saddler, believes will show the Bendigo Banks subsidiary failed in its obligations to investors.
"We have been contacted by more than 100 investors who lost their life savings as a result of the collapse," Saddler said.
"If these documents show that Sandhurst breached its obligations to investors, the next step is to launch proceedings against the trustee on behalf of our clients."
The Brisbane-based Wickham Securities collapsed in December 2013, after raising funds from investors including retirees and people with self-managed superannuation funds, Saddler said.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
