CORPORATIONS – financial services regulation – second defendant authorised representative of financial services licensee – agreement reached between regulator and second defendant as to liability – authorised representative found to have accepted conflicted remuneration in breach of s 963G of the Corporations Act 2001 (Cth) CORPORATIONS – civil penalty – first defendant found to have not taken reasonable steps to ensure authorised representative did not receive conflicted remuneration, in breach of s 963F of the Corporations Act – first defendant grossly negligent during period of contravention – inadequate approach to compliance since contravention – consideration of appropriate pecuniary penalty to be granted – relief granted against first defendant CORPORATIONS – civil penalty – second defendant found to have accepted conflicted remuneration in breach of s 963G of the Corporations Act – second defendant did not contest liability and jointly proposed relief with regulator – relief granted against second defendant in terms agreed
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2025/2025fca1634For more information, see the original judgement.
