Australian Securities and Investments Commission v Squirrel Superannuation Services Pty Ltd [2022] FCA 702

Federal Court of Australia

Australian Securities and Investments Commission v Squirrel Superannuation Services Pty Ltd [2022] FCA 702 File numbers: NSD 1374 of 2020

Judgment of: BURLEY J

Date of judgment: 20 June 2022

Catchwords: CORPORATIONS – financial services – false or misleading representation that financial services have sponsorship, approval, performance characteristics, uses or benefits – misleading conduct as to the nature, characteristics, suitability for purpose or quantity of financial services – where the defendant admitted liability for contraventions – where the plaintiff and defendant prepared a statement of agreed facts and jointly proposed a pecuniary penalty of $55,000 – whether proposed penalty appropriate – held: defendant ordered to pay pecuniary penalty of $55,000

Legislation: Australian Securities and Investments Commission Act 1989 (Cth) ss 12BAB(1), 12DA(1), 12DB(1)(e), 12DF(1), 12GBA Corporations Act 2001 (Cth) s 913B Fair Work Act 2009 (Cth) s 546 Federal Court of Australia Act 1976 (Cth) s 21

Cases cited: Australian Building and Construction Commission v Pattinson [2022] HCA 13; 399 ALR 599 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 1405 Australian Competition and Consumer Commission v Reckitt Benckiser (Australia) Pty Ltd [2016] FCAFC 181; 340 ALR 25 Australian Competition and Consumer Commission v Yazaki Corporation [2018] FCAFC 73; 262 FCR 243 Australian Securities and Investments Commission v Allianz Australia Insurance Limited [2021] FCA 1062 Mill v The Queen [1988] HCA 70; 166 CLR 59 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20; 287 ALR 249