Law firms still targeting planners
The financial planning industry will remain a target for plaintiff law firms in 2016, with at least one major firm already using social media to gain the attention of clients.
The firm, Shine Lawyers, has used social media to name a range of cases currently on foot in the financial services industry, even including the "investigations" pertaining to IOOF and National Australia Bank (NAB).
With respect to IOOF, the firm states, "at this stage, it is not possible to know who is affected. We therefore recommend that all clients of IOOF or any of its associated brands or subsidiaries take steps to investigate their circumstances".
In the case of NAB, the law firm said it had commenced investigations into the compensation offered to hundreds of National Australia Bank (NAB) Wealth customers who lost money after receiving inappropriate financial advice.
It said the firm had been contacted by more than a dozen NAB Wealth customers after it was revealed the bank had paid millions of dollars to more than 750 customers who had received bad advice.
Amongst the other cases cited by the law firm are the Wickham Securities Class Action, Macquarie Private Wealth, CBA and Financial Wisdom, ANZ class action and Commonwealth Superannuation Scheme compensation claims.
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