Have you received advice from Financial Circle?
On 2 November 2018 the Federal Court of Australia ordered Financial Circle to pay civil penalties of $8,980,000 in total after it engaged in numerous contraventions of financial services, credit and consumer protection laws. The Court found that in providing advice about purchasing personal insurance products and to switch superannuation providers, Financial Circle:
- made false and misleading representations and engaged in misleading and deceptive conduct
- engaged in unconscionable conduct
- breached its licensee obligations under its Australian financial services licence (AFSL), including obligations requiring that it:
- take reasonable steps to ensure that its authorised representatives act in clients’ best interests and provide advice that is appropriate
- do all things necessary to ensure that the financial services covered by its AFSL were provided efficiently, honestly and fairly
- engaged in a credit activity without a licence authorising it to engage in that activity.
Get independent advice before accepting any offer
You should get independent legal advice if you are contacted by Financial Circle about this or if you are offered financial compensating. It's best to get legal advice before accepting any offer.
When offers of financial compensation are made, it can be tempting to take the first offer and put the experience behind you. However, the first offer is almost never the best one, and in some cases up to seven reviews may be needed before settling on a final—and significantly higher—offer of compensation.
Why Maurice Blackburn?
Maurice Blackburn's financial advice disputes lawyers are experts in the field. We fight for fair, and we can help you to get the settlement you deserve.
We offer 'no win, no fee'* arrangements for these types of cases, which means that you don’t have to pay for our legal services if we don't win.
All you need to know about financial advice disputes
Have you been given wrong, misleading or negligent advice from financial planners, brokers or financial advisors? We can help you recover what’s rightfully yours.
Financial advice dispute cases
- Financial advice disputes
- Commonwealth Bank Open Advice Review program
- Macquarie private wealth
- NAB financial advice
- Big Banks pushing in-house products
- Financial Circle Pty Ltd