Determination - 18 December 2014

Key issues: Financial advice | Mortgage broker | Dishonest conduct | Unlicensed financial advice

Summary of Determination

  1. I find that:
    1. the FSP engaged in dishonest conduct in relation to a financial service by providing unlicensed financial product advice to the consumer in relation to an unregistered managed investment scheme;
    2. as a consequence of the FSP’s dishonest conduct, the consumer invested the sum of $190,000 with the FSP, which the FSP appears to have lost or otherwise failed to return to the consumer.
  2. To resolve this complaint, I order the FSP  to pay the consumer compensation in the amount of $197,231, being the return of the consumer’s investment funds plus interest. 

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