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Advice Governance

CASE INSIGHT

Australian Securities and Investments Commission v DOD Bookkeeping Pty Ltd (in liquidation) (No 2) [2025] FCA 395

ASIC v DOD Bookkeeping Pty Ltd (in liq) (No 2) [2025] FCA 395 examines systemic failures in SMSF property advice, vertically integrated conflicts and transaction-linked adviser bonuses. The decision highlights licensee responsibility for client-specific advice, remuneration governance and monitoring of predetermined advice models.
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CASE INSIGHT

Australian Securities and Investments Commission v Mercer Superannuation (Australia) Limited [2024] FCA 850

ASIC v Mercer Superannuation (Australia) Ltd [2024] FCA 850 is a major Australian greenwashing decision concerning misleading ESG exclusion claims. The case confirms that superannuation trustees and fund managers must ensure sustainability statements reflect actual portfolio holdings, including indirect and pooled exposures.
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CASE INSIGHT

Australian Securities and Investments Commission v Wealth & Risk Management Pty Ltd (No 2) [2018] FCA 59

In ASIC v Wealth & Risk Management Pty Ltd (No 2) [2018] FCA 59, the Federal Court imposed $7.8 million in penalties over a conflicted “fast cash” advice model targeting financially distressed consumers. The case also featured expert evidence from Sean Graham, founder of Assured Support, on reasonable AFSL compliance, supervision and governance controls.
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CASE INSIGHT

Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liquidation)(No 3) [2020] FCA 208


In ASIC v AGM Markets Pty Ltd (in liquidation) (No 3) [2020] FCA 208, the Federal Court found extensive breaches involving unlicensed personal advice, inappropriate recommendations, misleading conduct, unconscionable systems and inadequate AFSL supervision. The decision confirms that licensees may outsource functions, but not their statutory responsibility.
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CASE INSIGHT

OnePath Custodians Pty Limited v Australian Securities and Investments Commission v OnePath Custodians Pty Limited [2023] FCA 1485


In ASIC v OnePath Custodians Pty Ltd [2023] FCA 1485, the Federal Court imposed a $5 million penalty after superannuation members were misled about adviser service fees, cancellation rights and service entitlements. The decision highlights the need for accurate member communications, integrated fee controls and prompt remediation.
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CASE INSIGHT

Australian Securities and Investments Commission v National Australia Bank Limited [2020] FCA 1494

*ASIC v National Australia Bank Ltd* [2020] FCA 1494 examines NAB’s introducer program, 260 credit law contraventions and a $15 million penalty. The case highlights the risks of unlicensed referral activity, weak third-party controls, sales incentives and inadequate oversight of credit distribution channels.
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CASE INSIGHT

Australian Securities and Investments Commission v Westpac Securities Administration Limited; Australian Securities and Investments Commission v BT Funds Management Limited [2021] HCA 3

Westpac Securities Administration Ltd v ASIC [2021] HCA 3 confirms that financial product advice may be personal advice where a reasonable person might expect the provider to have considered a customer’s objectives, financial situation or needs. The decision is essential for superannuation trustees, AFS licensees, call centres and digital advice models.
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CASE INSIGHT

Australian Securities and Investments Commission v Mercer Superannuation (Australia) Limited [2026] FCA 832

The Federal Court’s $10.3 million penalty against Mercer Super shows that breach reporting failures are often systems failures. The judgment explains when an investigation begins, how reporting deadlines arise and why licensees need reliable, joined-up controls over incident management, regulatory reporting and data accuracy.
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