The Federal Court has found that Diversa Trustees did not fail to act efficiently, honestly, and fairly or fail to take reasonable steps to ensure its representatives complied with financial services laws.
ASIC had alleged that Diversa broke the law by allowing Australian Super Finder, the Australian Dealer Group, and financial adviser Nizi Bhandari to enrol people in its YourChoice Super product from 13 March 2019 to 1 December 2020.
The regulator also claimed that Diversa and the OneVue Group – which handled many day-to-day operations for the YourChoice Super fund – either knew or should have known that Australian Super Finder was engaging in questionable behaviour and could potentially violate the law.
ASIC also alleged that the OneVue Group paid about $7.5 million in commissions on behalf of Diversa.
The regulator is carefully reviewing the judgment.
Leave a Comment
You must be logged in to post a comment.