Shine Lawyers to investigate FTS
Class action specialists, Shine Lawyers, are investigating claims against Queensland based financial advice firm Financial Technology Securities (FTS).
The decision to investigate allegations that FTS had provided inappropriate advice to some clients came after the Australian Securities and Investments Commission suspended the company's Australian Financial Services Licence (AFSL) last month, as reported by Money Management.
Shine Lawyers professional negligence expert, Jan Saddler, said the firm had seen a spike in complaints against financial advisors in the last six months, which had prompted its decision to investigate the allegations against FTS.
"ASIC's investigations into FTS revealed that up until August 2012, the company had a policy of recommending double gearing strategies to clients, regardless of their personal circumstances," she said.
"Such a practice is inappropriate and will almost always result in significant financial loss and damage to investors, because these strategies do not take into account each investors own personal and unique situation."
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