Westpac Securities Administration Ltd v Australian Securities and Investments Commission [2021] HCA 3

HIGH COURT OF AUSTRALIA

KIEFEL CJ,

BELL, GAGELER, KEANE AND GORDON JJ

WESTPAC SECURITIES ADMINISTRATION LTD

& ANOR APPELLANTS

AND

AUSTRALIAN SECURITIES AND INVESTMENTS

COMMISSION RESPONDENT

Westpac Securities Administration Ltd v Australian Securities and Investments Commission

[2021] HCA 3

Date of Hearing: 7 & 8 October 2020

Date of Judgment: 3 February 2021

S69/2020

ORDER

Appeal dismissed with costs.

On appeal from the Federal Court of Australia

Representation

R G McHugh SC with J R Williams SC and E R Doyle-Markwick for the appellants (instructed by Allens)

A J L Bannon SC with J G Renwick SC, T J Kane and M S Kalyk for the respondent (instructed by Australian Securities and Investments Commission)

Notice: This copy of the Court's Reasons for Judgment is subject to formal revision prior to publication in the Commonwealth Law Reports.

CATCHWORDS

Westpac Securities Administration Ltd v Australian Securities and Investments Commission

Corporations – Financial services – Where appellants had contacted members of superannuation funds of which they are trustees, advising each to accept offer to roll over their external superannuation accounts into their account with appellants – Where s 766B(3)(b) of Corporations Act 2001 (Cth) defines "personal advice" to include "financial product advice" given or directed to person in circumstances where a reasonable person might expect provider to have considered one or more of that person's objectives, financial situation and needs – Whether financial product advice given by appellants to members personal advice within meaning of s 766B(3)(b).

Words and phrases – "consideration", "considered", "financial adviser", "financial product advice", "general advice", "one or more of the person's objectives, financial situation and needs", "personal advice", "social proofing", "superannuation", "superannuation fund".