Australian Securities and Investments Commission v RI Advice Group Pty Ltd (No 2) [2021] FCA 877

Federal Court of Australia

Australian Securities and Investments Commission v RI Advice Group Pty Ltd (No 2) [2021] FCA 877 File number: VID 1170 of 2019

Judgment of: MOSHINSKY J

Date of judgment: 2 August 2021

Catchwords: CORPORATIONS LAW – financial services and markets – best interests obligations – responsibilities of holder of Australian financial services licence – obligation of licensee to take reasonable steps to ensure that its representatives comply with the best interests obligations – obligation of licensee to do all things necessary to ensure that the financial services covered by the licence are provided efficiently, honestly and fairly – whether the first defendant, a licensee, contravened these obligations

Legislation: Corporations Act 2001 (Cth), ss 761A, 766B, 769B, 910A, 911A, 912A, 912C, 912D, 916A, 947B, 961, 961B, 961G, 961H, 961J, 961K, 961L, 961Q Evidence Act 1995 (Cth), s 140

Cases cited: Australian Securities and Investments Commission v AGM Markets Pty Ltd (In Liq) (No 3) (2020) 275 FCR 57 Australian Securities and Investments Commission v AMP Financial Planning Pty Ltd (No 2) (2020) 377 ALR 55 Australian Securities and Investments Commission v Financial Circle Pty Ltd (2018) 131 ACSR 484 Australian Securities and Investments Commission v Hellicar (2012) 247 CLR 345 Australian Securities and Investments Commission v NSG Services Pty Ltd (2017) 122 ACSR 47 Australian Securities and Investments Commission v Westpac Securities Administration Ltd (2019) 272 FCR 170 Briginshaw v Briginshaw (1938) 60 CLR 336 Jones v Dunkel (1959) 101 CLR 298 Kuhl v Zurich Financial Services Australia Ltd (2011) 243 CLR 361 Payne v Parker [1976] 1 NSWLR 191 Westpac Securities Administration Ltd v Australian Securities and Investments Commission (2021) 387 ALR 1