Acting for the ACT Gambling & Racing Commission.
On 19 December 2024 the Club applied to review a decision of the ACT GRC in the ACT Civil and Administrative Tribunal (AT/0147/24) seeking an interim stay of the decision and to remove the matter to the Supreme Court of the Australian Capital Territory to clarify two pure questions of law.
Appeared for trustee, instructed by Dentons.
Successful application for judicial advice.
EQUITY — Trusts and trustees — Judicial advice under s 63 of the Trustee Act 1925 (NSW) — Whether trustee may insert amendments to trust deed of superannuation fund to give power to charge fee — Where capital reserve sought to enable trustee to meet potential liabilities from recent changes to regulatory environment
Also acted in relation to regulatory investigations by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authorities, instructed by Dentons.
Judgment:
Re Energy Industries Superannuation Scheme Pty Limited as trustee of the Energy Industries Superannuation Scheme Pool A and Pool B (trading as EISS Super) [2022] NSWSC 1202 (Ball J)
Media coverage:
Troubled EISS in advanced talks with Cbus to create $70b super giant (Sydney Morning Herald, 19 November 2021)
Super fund wants to dip into members’ savings to pay fines (Australian Financial Review, 26 August 2022)
Cbus Super and EISS Super complete merger (Investment Magazine, 16 May 2023)
Appeared for ASIC, instructed by Australian Government Solicitor.
CORPORATIONS – provision of financial services – regulatory proceedings – six proceedings brought by the Australian Securities and Investments Commission – contraventions by Westpac Banking Corporation and its subsidiaries – numerous breaches of the Corporations Act 2001 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) – dealings with de-registered company accounts and funds held therein – charging of advice fees to accounts of deceased customers – charging of contribution fees with respect to investment or superannuation products without proper disclosure documents – improper provision and charging for duplicate insurance policies to customers – insurance policies issued without consent – false and misleading representations and misleading and deceptive representations concerning the sale to debt purchasers of customers’ debts relating to Westpac-branded cards, Westpac-branded loans and St George-branded cards – improper deduction of insurance fees including commissions – conflicted remuneration – assessment of pecuniary penalties and other relief – financial services laws – breaches of Australian financial services licence – non-compliance with s 912A of the Corporations Act – contraventions of ss 12CB, 12DA, 12DB, 12DI and 12DM of the ASIC Act – contraventions of ss 912A, 962P, 963K and 1041H of the Corporations Act – orders and declarations made in each of the six proceedings.
Judgment:
Media coverage:
Charging the dead and other fines adds up to $113 million for Westpac (Australian Financial Review, November 30, 2021)
No Allianz implications in ASIC’s “unprecedented” Westpac penalty case (Insurance Business Australia, 3 December 2021)
ASIC’s Media Release published 30 November 2021
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