Industry
Court hands down $11m penalty for conflicted SMSF property advice
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.
Chris DastoorApril 24, 2025
