Determination - 22 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 by providing the consumer with unlicensed financial product advice in relation to an investment;
    2. the FSP engaged in misleading conduct by making unqualified and false statements to the consumer about the risks and returns of the investment; and
    3. as a consequence of the FSP’s dishonest and misleading conduct, the consumer invested the sum of $100,000 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 $129,021, being the return of the consumer’s investment funds plus interest.
Follow this link for a full copy in PDF >>  Determination | 22 December 2014