Ultiqa, which was now in liquidation, was found guilty in May 2022 of its advisers giving advice that was not in consumers’ best interest or appropriate to their circumstances.
The upfront cost of joining the scheme was between $10,000 to $25,000, with ongoing annual fees of up to approximately $800.
The Court previously declared that between October 2017 and March 2019, Ultiqa failed to:
- Act efficiently, honestly and fairly;
- Provide relevant training to its authorised representatives;
- Monitor and supervise its authorised representatives appropriately; and
- Put in place documented policies and procedures to support the advice process.
Comments in the company’s sales manual, quoted by Justice Downes in May, stated: “Do…