Financial Planning Litigation

Money does not grow on trees!

Thumbnail image for Money does not grow on trees! by Adam Giliberti 9 September 2011

Over the past decade or so, Australia has seen a number of Managed Investment Schemes (“MIS”) offering investors the opportunity to acquire an ‘agribusiness’ – the prime examples being schemes offered by Timbercorp, Great Southern and Palandri which all involve investments in a plantation of sorts – eg olives, grapes, almonds etc.  These MIS schemes have failed, leaving many investors with a worthless asset as well [...]

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Commonwealth Financial Planning Compensation Investigation

by Fiona Bateman 23 November 2010

Commonwealth Financial Planning (CFP), is to compensate clients who received inappropriate financial advice from one of their financial planners following an ASIC Investigation. CFP will appoint an independent expert to review the implementation of the client compensation program and the compensation offers. CFP is also reviewing client files to identify individuals who have been adversely affected and where inappropriate advice [...]

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Statement of No Advice

by Fiona Bateman 27 January 2010

We have been amazed at the number of people who are being asked to sign a “Statement of No Advice” by their financial Advisors. Why would the advisors ask you to do that? They don’t have to take responsibility for their advice.  If they don’t want to take responsibility why would you trust them? They don’t have to disclose how [...]

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Financial Advisers Duty of Care

by Fiona Bateman 5 November 2009

Having lost money through the investments made by your financial adviser does not necessarily represent bad or negligent advice.

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Financial Planners are hurting.

by Fiona Bateman 30 October 2009

The collapse of Timbercorp’ Great Southern has hurt Financial Planners. Asset – The Financial Planning Professional Magazine editor stated that Professional Investment Services Ltd (PIS) did not throw an end of financial year party as they have missed out on more than $15 million in advance commissions from the sale of the agribusiness managed investment schemes.

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Using the Internet for Litigation Research

by Arnold Shields 14 October 2009

We use Google and the internet as a valuable research tool in almost all our forensic accounting litigation matters. The information available enables us to check the stories of both the plaintiff and defendant against other sources of information.

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Holiday Home into Superfund – Financial Planning Litigation

by Fiona Bateman 29 July 2009

Another instance of bad financial planning advice that we have come across recently, where the advisor gave advice without any regard to capital gains tax, stamp duties, income tax and superannuation fund regulations.

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