Australian Securities and Investments Commission v MobiSuper Pty Limited [2022] FCA 990

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v MobiSuper Pty Limited [2022] FCA 990 File number: SAD 237 of 2019

Judgment of: CHARLESWORTH J

Date of judgment: 26 August 2022

Catchwords: CONSUMER LAW – defendants operating and promoting a superannuation fund with insurance benefits – defendants and their representatives soliciting the custom of consumers – defendants promoting superannuation fund by offering to locate consumers' "lost super" and to consolidate their existing funds – alleged contraventions of provisions of the Corporations Act 2001 (Cth) and the Australian Securities and Investments Commission Act 2001 (Cth) – defendants admitting facts – contravening conduct resulting in consumers not making informed decisions concerning their superannuation and insurance – instances of consumers losing the benefit of existing insurance cover attaching to existing superannuation accounts – Court satisfied contraventions proven on the admitted facts – declarations of contravention made – Australian Securities and Investments Commission seeking the imposition of pecuniary penalties in respect of some of the contraventions – parties agreeing the sum of pecuniary penalties – joint submissions proposing penalties at lowest end of permissible range having regard to the contravening conduct – parties submissions not wholly accepted – whether nonetheless appropriate to impose penalties in the amounts agreed by the parties

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12BAB, 12BB, 12DB, 12GBA Corporations Act 2001 (Cth) ss 50, 761A, 766B, 766C, 769B, 910A, 912A, 944A, 946A, 947D, 961, 961B, 961G, 961H, 961J, 961K, 961L, 1317E Evidence Act 1995 (Cth) s 191 Federal Court of Australia Act 1976 (Cth) ss 21, 43