Determination - 21 June 2013
Key issue: Inappropriate financial advice | Complaint made to COSL within required time
Summary of Determination
I find that:
- the advice provided to the complainants to purchase $135,000 of redeemable preference shares in Neovest Limited (Neovest) was inappropriate; and
- had the inappropriate advice not been provided, it is likely that the complainants would not have purchased the Neovest shares, and would not have suffered a financial loss.
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