Westpac Securities Administration Ltd v Australian Securities and Investments CommissionCitation:[2021] HCA 3Before:Kiefel CJ, Bell, Gageler, Keane, Gordon JJDate:03 Feb 2021Case Number:S69/2020Read more
The Court held that the advice given by the appellants constituted 'personal advice' within the meaning of s 766B(3)(b) of the Corporations Act 2001 (Cth) because a reasonable person in the position of the members might expect the provider to have considered their objectives, financial situation, or needs.
- Parties
- Appellant: Appellants; Respondent: Respondents
- Jurisdiction
- Australia
- Judgment Date
- 03 February 2021
- Procedural Posture
- Corporations – Financial Services / Judgment
- Outcome
- Appeal dismissed
- Legal Topics
- Personal Advice, Financial Product Advice, Superannuation, Corporations Act Interpretation
Case Brief
Summary, issues, holding and outcome
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Parties
Appellants
Appellant
Respondents
Respondent
Procedural Posture
Corporations – Financial Services / Judgment
Legal Issues
- 1 Whether advice given by appellants to superannuation fund members constituted 'personal advice' under s 766B(3)(b) of the Corporations Act 2001 (Cth)
Ratio Decidendi
The Court held that the advice given by the appellants constituted 'personal advice' within the meaning of s 766B(3)(b) of the Corporations Act 2001 (Cth) because a reasonable person in the position of the members might expect the provider to have considered their objectives, financial situation, or needs.
Court Disposition
Appeal dismissed
Orders
- The appeal is dismissed.
Full Case Text
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