PIS ordered to pay $5.9 million
Professional Investment Services has until November 30 to pay $5.9 million in compensation for clients the group placed into Westpoint investments.
PIS settled the class action initiated by the Australian Securities and Investments Commission (ASIC) relating to the Westpoint collapse earlier this month. The Federal Court today approved the settlement, allowing the compensation to investors to be made. PIS has admitted no liability.
The $5.9 million will be distributed equally to investors based on the capital they had invested. The members of the group action will recover 62.5 per cent of their original capital, a statement from ASIC said.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
