On 21 March 2022, ³Ô¹ÏÍøÕ¾ Advice Solutions Pty Ltd appeared at the Southport Magistrates Court in Queensland charged with 11 offences of offering to issue or sell a financial product via unsolicited phone calls.
Following an ASIC investigation, it is alleged that between August 2019 and June 2020, ³Ô¹ÏÍøÕ¾ Advice Solutions made unsolicited calls to 11 consumers and encouraged them to roll over their superannuation into different superannuation products.
The matter has been listed for a mention hearing on 16 May 2022.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following referral of a brief of evidence from ASIC.
Background
At the time of the alleged offending, the maximum penalty for a breach of s992A(3) of the Corporations Act was $133,200 per breach for a body corporate.
Reforms to the anti-hawking regime were made under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which commenced on 5 October 2021. These reforms were designed to tackle consumer harms arising from consumers being approached with unwanted products through cold-calls or other unsolicited contact.
The current charges are brought under the previous anti-hawking provisions because they relate to conduct that allegedly took place prior to 5 October 2021.
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