The Federal Court has ordered an advice firm formerly known as Equiti Financial Services pay an $11 million penalty for conflicted and “cookie cutter” advice which gave bonuses to advisers who rolled over clients’ super into SMSFs to buy property through a related entity. The firm had its AFSL cancelled last year, following payments from the Compensation Scheme of Last Resort.
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We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.
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