Victorian financial services firm fined $12k
A Victorian tribunal has ordered a financial services firm to pay $11,100 in damages to a client, after it became seriously concerned that Infinite Success Investments Pty Ltd allegedly breached its service offering.
The Victorian Civil and Administrative Tribunal said on 4 August 2014 that Veronica Stone and Hyden Uren sought advice from Infinite Success that included annual tax and financial advice, advice and assistance to purchase land and build on that land, and property management services to rent an investment property.
The Melbourne tribunal found Infinite Success Investments Pty Ltd allegedly refused to provide the clients with personal and business tax advice, unexpectedly changed the financial planner, repeatedly failed to return the clients' phone calls and mismanaged rent payments regarding the purchase of a property.
The tribunal also said it was concerned that "all staff they (the clients) had initially dealt with had left Infinite Success, including their primary contact Ms Daniel".
The court also found concern as the company unexpectedly changed the accountant that the client was dealing with, while the firm also told the client that property management services would now be provided in house, at a higher rate.
The tribunal also ordered that Infinite Success reimburse the clients the application and hearing fee of $975.10 plus the $11,100 in damages.
Recommended for you
Prime Minister Anthony Albanese has confirmed who will succeed Stephen Jones to serve as the Assistant Treasurer and Financial Services Minister.
Those financial advice practices which are seeing the strongest profitability and revenue growth share four similar characteristics in how they run their businesses.
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Private wealth manager LGT Crestone has shared how the firm is utilising private debt strategies via a satellite approach and encouraged advisers to look beyond domestic commercial real estate.
