Piper Alderman has filed a class action in the Federal Court of Australia on behalf of individuals who have acquired or held financial products and/or life insurance on the advice of an adviser from Count Financial, which was a subsidiary of Commonwealth Bank of Australia.
The class action arises out of the Financial Services Royal Commission which uncovered serial misconduct by Count Financial. The claim alleges that Count Financial contravened obligations owed to their clients when taking commissions from product issuers and/or customers themselves. The claims allege, among other things, that Count Financial contravened its obligations under the Corporations Act 2001 (Cth) to:
- ensure that their financial advisers do not contravene their legal obligations to their customers;
- ensure that adviser remuneration was free from conflict;
- act in their customer’s best interest when giving personal financial advice; and
- to provide services where fees were charged.
The class action alleges that as a result of these contraventions, Group Members suffered loss or damage.
Group Members are any persons who acquired, renewed or continue to hold policies of insurance and other financial products and received personal advice from a Count Financial authorised self-employed financial adviser or from an incorporated financial adviser practice, and paid commissions on those products from 21 August 2014.
Status of the Proceedings
The Group Members claims are addressed in the Amended Statement of Claim filed 23 December 2020 and Further Amended Points of Claim filed 1 June 2021 and Count’s defence to the Amended Statement of Claim filed 12 February 2021 and Points of Defence filed 15 June 2021. Copies of those documents together with the most recent orders are available here.
The Applicant in the class action (represented by Piper Alderman) has filed and served its lay evidence in chief and its expert evidence. Count Financial has also filed its lay and expert evidence.
The Applicant is also presently seeking further discovery of documents from Count Financial to support its case.
While the proceedings have yet to be set down for final hearing by the Court, it is anticipated that this will occur sometime between Q2 2023 and Q3 2023.
Registering your details
If you meet the definition of a Group Member set out above, we invite you to register for the class action by filling out your details below. We will then contact you on your registered email address or telephone number to discuss the action and your claim.
Participating in the claim will cost you nothing. The claim is being funded by international litigation funder – Woodsford Litigation Funding –on a no-win-no-fee basis, meaning you will not be required to pay any money to be part of the claim or to receive compensation.
Importantly, this claim does not overlap with any other class actions you may have heard about against Count Financial. Piper Alderman is seeking to recover money for you that nobody else is.