National Advice Solutions To Pay $70,000 After ‘Hawking’ Conviction
National Advice Solutions Pty Ltd has been fined $70,000 for violating anti-hawking laws by engaging in unsolicited calls to promote superannuation rollovers.
On 20 February 2023, National Advice Solutions Pty Ltd appeared at the Southport Magistrates Court in Queensland and pleaded guilty to one charge of breaching anti-hawking laws. The Court imposed a penalty of $70,000.
This penalty comes just after ASIC cancelled the Australian Financial Services Licence of the firm and banned two Gold Coast-based responsible managers, Ms Gail Glasby and Mr Paul Carcallas, from providing financial services for a period of 10 years.
Between August 2019 and June 2020, National Advice Solutions made unsolicited calls to consumers encouraging them to roll over their superannuation into different superannuation products. The company then charged an initial fee for the rollover as well as ongoing fees.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by ASIC.
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