CORPORATIONS – conflicted remuneration – consumer law – banking and financial institutions – directors’ duties – contraventions by corporate defendants and individual defendant – numerous breaches of Corporations Act 2001 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) – assessment of pecuniary penalties and other relief – where individual defendant did not give evidence during liability hearing – where defendants did not deliberately contravene laws – where defendants sought to downplay seriousness of conduct – where insufficient evidence to determine financial position of defendants – where defendants have no prior contraventions of similar conduct – where failures in compliance system to be seen in context of competitive sales environment – where deterrence must be dominant consideration – advertising orders not made – declarations, restraining orders, probation order and disqualification order made – pecuniary penalties imposed
COSTS – where defendants sought apportionment of costs – usual order as to costs made
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2023/2023fca0723
For more information, see the original judgement.
