From www.smsfadviser.com: DOD Bookkeeping Pty Ltd, formerly known as Equiti Financial Services, has been fined $11,030,000 for providing inappropriate “cookie-cutter” financial advice regarding self-managed super funds (SMSFs).

The Federal Court found that the firm’s advisors pressured clients to roll over their superannuation into SMSFs and invest in properties through a related entity, disregarding individual client circumstances.

The court also determined that bonuses paid to the advisors influenced their conflicted behaviour, leading to poor financial outcomes for clients.