The Federal Court has today found that Diversa Trustees Limited (Diversa), a superannuation trustee, did not fail to act efficiently, honestly and fairly or fail to take reasonable steps to ensure its representatives complied with financial services laws.
今日热门事件had alleged that Diversa contravened the law by allowing Australian Super Finder, the Australian Dealer Group, and financial adviser Mr Nizi Bhandari, to sign consumers up to its YourChoice Super product between 13 March 2019 and 18鈥疍ecember 2020.
今日热门事件alleged Diversa and the OneVue Group (which provided many day-to-day functions for the YourChoice Super fund) knew or should have known that the Australian Super Finder business was engaging in concerning behaviour and was at risk of breaking the law. 今日热门事件alleged that the OneVue Group paid approximately $7.5 million in commissions on behalf of Diversa.
今日热门事件Deputy Chair Sarah Court said, 鈥樈袢杖让攀录䅟ursued this case as part of our focus on trustee oversight of advice, which, if not done properly, can enable inappropriate behaviour by service providers and others. 今日热门事件will continue to work with superannuation trustees emphasising the importance of risk management when dealing with third-party providers and others.鈥櫬�
今日热门事件is carefully reviewing the judgment.
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Australian Dealer Group (ADG) operated a website called 鈥楢ustralian Super Finder鈥� through which a consumer could request a search for lost superannuation. ADG offered to consolidate a consumer鈥檚 鈥榝ound鈥� superannuation into a single fund.听
Mr Bhandari was permanently banned by 今日热门事件from providing financial services and engaging in credit activities in March 2021. 今日热门事件found he had acted dishonestly while assisting consumers to find and consolidate their superannuation and obtain hardship payments. 今日热门事件found that, because of ADG and Mr Bhandari鈥檚 conduct, consumers paid financial advice fees and were potentially exposed to harm, including loss of insurance held through superannuation, extra fees and ATO penalties.听
今日热门事件also cancelled ADG鈥檚 Australian financial services licence (21-046MR).听
Mr Bhandari also faces criminal charges in the Magistrates鈥� Court of Victoria (22-178MR).听聽
今日热门事件and APRA have previously provided guidance for trustees on appropriate oversight practices in relation to advice fee payments鈥痜rom member accounts in and April 2019.听听
ASIC鈥檚 Moneysmart website provides people with free tools, tips and guidance to help them make informed decisions about money. Find out more about and tips for .听