On 20 February 2023, National Advice Solutions Pty Ltd appeared at the Southport Magistrates Court in Queensland and pleaded guilty to one charge of breaching anti-hawking laws. The Court imposed a penalty of $70,000.
Between August 2019 and June 2020, National Advice Solutions made unsolicited calls to consumers encouraging them to roll over their superannuation into different superannuation products. The company then charged an initial fee for the rollover as well as ongoing fees.
ASIC Deputy Chair Sarah Court said ‘Australians work hard to build up their super. Unsolicited calls can convince consumers to make decisions on their super that they didn’t plan to make or don’t suit their needs.
‘Reforms to the anti-hawking regime were in response to clear consumer harm when it came to the unsolicited calls involving financial products. ASIC strongly advocated for these reforms and will continue to pursue action in the court where we see a disregard for these laws,’ concluded Ms Court.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by ASIC.
