Australian Securities and Investments Commission, in the matter of NSG Services Pty Ltd v NSG Services Pty Ltd [2017] FCA 345

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission, in the matter of NSG Services Pty Ltd v NSG Services Pty Ltd [2017] FCA 345 File number: VID 585 of 2016

Judge: MOSHINSKY J

Date of judgment: 30 March 2017

Catchwords: CORPORATIONS LAW – financial advice – obligation to act in the best interests of the client – obligation only to provide advice to the client if it would be reasonable to conclude that the advice is appropriate to the client – where representatives failed to comply with ss 961B and 961G of the Corporations Act 2001 (Cth) in relation to personal advice provided to retail clients – where defendant failed to take reasonable steps to ensure that representatives complied with ss 961B and 961G – admitted contraventions by defendant – application by the parties for the making of declarations by consent

Legislation: Corporations Act 2001 (Cth), ss 761G, 910A, 911A, 911B, 912A, 961B, 961G, 961K, 961L, 1317E Corporations Amendment (Further Future of Financial Advice Measures) Act 2012 (Cth)

Cases cited: Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 1405 Australian Securities and Investments Commission v Newcrest Mining Ltd (2014) 101 ACSR 46 Australian Securities and Investments Commission v Ostrava Equities Pty Ltd [2016] FCA 1064 Avoca Consultants Pty Ltd v Millennium3 Financial Services Pty Ltd (2009) 179 FCR 46 Panganiban v Australian Securities and Investments Commission (2016) 338 ALR 119

Date of hearing: 30 March 2017

Registry: Victoria