Beware of past mistakes
Financialplanners are still in danger of being held accountable for past wrongs and could still face hefty jail terms and fines according to a Queensland lawyer.
Quinn and Scattini associate Michal Horvath says more than 200 cases are being prosecuted in Queensland alone and that planners can still be picked up for perceived wrong doings extending as far back as six years.
Horvath says debate is currently underway in the state regarding when legal timeframes expire but planners should not think that what is in the past will always remain there.
According to Horvath, the main issue affecting financial planners is misrepresentation, but others they need to be aware of include negligence, duty of care, breach, causation and damage.
AUTHOR
Nicole Szollos
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