National Advice Solutions has pleaded guilty to breaching anti-hawking laws and will pay a $70,000 fine.

In a media release from ASIC on Tuesday afternoon, the regulator said between August 2019 and June 2020, National Advice Solutions made unsolicited calls to consumers encouraging them to roll over their superannuation into different superannuation products. The company then charged an initial fee for the rollover as well as ongoing fees.

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 as part of the October suite of reforms.

However, current charges were brought under the previous anti-hawking provisions because they relate to conduct that allegedly took place prior to 5 October 2021.

At the relevant time of the breach, the maximum penalty was $126,000 per breach for a body corporate.

In December 2022, ASIC cancelled the AFSL of National Advice Solutions and banned two Gold Coast-based responsible managers, Gail Glasby and Paul Carcallas from providing financial services for a period of 10 years.