From hallandwilcox.com.au: The Federal Court of Australia penalized Equiti Services Pty Ltd for providing generic financial advice that failed to consider individual client circumstances, resulting in breaches of best interest obligations under the Corporations Act.

The court found that bonuses paid to financial advisers tied to property settlements created conflicts of interest, violating conflicted remuneration rules.

The court imposed a total penalty of $11.03 million for these breaches.