The corporate regulator has accused financial outfit Firstmac, sponsor of the Brisbane Broncos, of muddying the waters to customers when cross-selling an investment fund to people with money in guaranteed deposits.
The claim is made in a Federal Court action from the Australian Securities and Investments Commission, the first such civil penalty lawsuit against a distributor of investment products for alleged breaches of design and distribution obligations.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
