Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Ultiqa Lifestyle Promotions Limited (in liq) [2022] FCA 561 File number(s): QUD 354 of 2021
Judgment of: DOWNES J
Date of judgment: 17 May 2022
Catchwords: CORPORATIONS – whether contraventions of ss 961L and 912A Corporations Act 2001 (Cth) – whether holder of Australian financial services licence took reasonable steps to ensure that its representatives complied with ss 961B, 961G and 961J Corporations Act 2001 (Cth) – where representatives engaged in process of selling interests in managed investment scheme in time-share category – where representatives gave personal advice to consumers – where consumers were not told and were not aware that they were receiving financial advice – where only limited information was obtained from consumers prior to advice being given – where representatives were provided with template statement of advice document, training manual and sales script – where focus of documents provided to representatives was to make a sale of an interest in scheme – contraventions established – declaratory relief granted
Legislation: Corporations Act 2001 (Cth) ss 761A, 764A(1)(b), 766B, 910A, 912A(1)(a), 912A(1)(c), 912A(1)(ca), 912A(5A), 912C, 960, 961(1), 961B, 961G, 961H, 961J, 961L, 1101B(1)(a)(i), 1317E(1), Ch 7 Pt 7.7A Federal Court of Australia Act 1976 (Cth) s 21
Cases cited: Australian Competition & Consumer Commission v Renegade Gas Pty Ltd (trading as Supagas NSW) [2014] FCA 1135 Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liq) (No 3) (2020) 275 FCR 57; [2020] FCA 208 Australian Securities and Investments Commission v AMP Financial Planning Pty Ltd (No 2) (2020) 142 ACSR 277; [2020] FCA 69 Australian Securities and Investments Commission v Financial Circle Pty Ltd (2018) 131 ACSR 484; [2018] FCA 1644 Australian Securities and Investments Commission v NSG Services Pty Ltd (2017) 122 ACSR 47; [2017] FCA 345 Australian Securities and Investments Commission v RI Advice Group Pty Ltd (No 2) (2021) 156 ACSR 371; [2021] FCA 877 Australian Securities and Investments Commission v Westpac Securities Administration Ltd (2019) 272 FCR 170; [2019] FCAFC 187
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