ASIC has announced that National Advice Solutions Pty Ltd has been convicted of one charge of breaching anti-hawking laws under section 992A(3) of the Corporations Act and fined $70,000.
ASIC previously cancelled the AFS licence of National Advice Solutions and banned its responsible managers for failing to adequately monitor and supervise the licensee’s authorised representatives . Background.
Between August 2019 and June 2020, National Advice Solutions made unsolicited calls to consumers encouraging them to roll over their superannuation into different superannuation products. The company then charged an initial fee for the rollover as well as ongoing fees.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
