Court delivers mixed outcome for licensee over planner misconduct

Westpac has been held liable for the failure of one of its representatives to comply with their best interests obligations, in a court ruling handed down late last year. The bank was unsuccessful in arguing that the misconduct represented just…

Court ruling on responsible lending not the end of the matter

The Federal Court yesterday rejected ASIC’s allegation that Westpac’s automated loan application assessment system was in breach of its responsible lending obligations, ruling that a lender “may do what it wants in the assessment process”. That is not the last…

ATO puts Aussiegolfa in context

The Australian Taxation Office has published a decision impact statement on the high-profile Aussiegolfa case, saying it does not consider that the case is authority for the proposition that a superannuation fund trustee can never contravene the sole purpose test…