Australian Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2021] NSWSC 1577

Supreme Court New South Wales

Medium Neutral Citation: Australian Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2021] NSWSC 1577 Hearing dates: 28 October 2021 Decision date: 07 December 2021 Jurisdiction: Equity - Commercial List Before: Ball J Decision: See paragraphs [78]–[79] Catchwords: CONTRACTS — Breach of contract — Wednesbury unreasonableness — Whether the first defendant's determination was so unreasonable that no reasonable decision maker could have made it CONTRACTS — Interpretation of the Australian Financial Complaints Authority's rules — The relevant point in time for determining whether a property is the applicant's principal or primary place of residence — The meaning of "principal place of residence" —Whether interest to be included in calculating jurisdictional limit — Whether Australian Financial Complaints Authority required to conduct a hearing — Whether legal costs incurred in connection with court proceedings were a direct financial loss or an indirect financial loss Legislation Cited: Contracts Review Act 1980 (NSW) Corporations Act 2001 (Cth) Cases Cited: Commissioner of State Revenue v Burdinat [2012] WASC 359 Environmental Systems Pty Ltd v Peerless Holdings Pty Ltd (2008) 19 VR 358 Investors Exchange Limited v Australian Financial Complaints Authority Limited [2020] QSC 74 Mickovski v Financial Ombudsman Service Ltd (2012) 36 VR 456; [2012] VSCA 185 Patersons Securities Ltd v Financial Ombudsman Service Ltd [2015] WASC 321; 108 ACSR 483 Re the Will and Estate of Hood [2004] VSC 328 Category: Principal judgment Parties: Australia Capital Financial Management Pty Ltd (Plaintiff) Australian Financial Complaints Authority Limited (First Defendant) Benyu Bai (Second Defendant) Wenhua Yang (Third Defendant) Representation: Counsel: