ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.
22-057MR National Advice Solutions charged with anti-hawking offences following alleged superannuation sales cold calls
On 21 March 2022, National Advice Solutions Pty Ltd appeared at the Southport Magistrates Court in Queensland charged with 11 offences of offering to issue or sell a financial product via unsolicited phone calls.
Following an ASIC investigation, it is alleged that between August 2019 and June 2020, National Advice Solutions made unsolicited calls to 11 consumers and encouraged them to roll over their superannuation into different superannuation products.
The matter has been listed for a mention hearing on 16 May 2022.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following referral of a brief of evidence from ASIC.
At the time of the alleged offending, the maximum penalty for a breach of s992A(3) of the Corporations Act was $133,200 per breach for a body corporate.
Reforms to the anti-hawking regime were made under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which commenced on 5 October 2021. These reforms were designed to tackle consumer harms arising from consumers being approached with unwanted products through cold-calls or other unsolicited contact.
The current charges are brought under the previous anti-hawking provisions because they relate to conduct that allegedly took place prior to 5 October 2021.
Editor's note 1:
On 16 May 2022, the matter was adjourned for further mention to 20 June 2022.