Shine Lawyers has confirmed it is investigating claims against Queensland based financial advice firm Financial Technology Securities (FTS).
These investigations follow ASIC’s decision to suspend the license of FTS earlier this month, following concerns it had provided inappropriate advice to clients.
Shine Lawyers professional negligence expert Jan Saddler said her firm had seen a distinct spike in complaints against financial advisors in the last 6 months, and that as part of that it was looking closely at the conduct of FTS.
“ASIC’s investigations into FTS revealed that up until August 2012, the company had a policy of recommending double gearing strategies to clients, regardless of their personal circumstances,” Ms Saddler said.
“Such a practice is inappropriate and will almost always result in significant financial loss and damage to investors, because these strategies do not take into account each investors own personal and unique situation.” she said.
FTS’s licence has been suspended for six weeks by ASIC, effective from 30 June 2014.
“If people have suffered financial loss due to relying on poor advice from FTS, then they may be entitled to pursue a legal claim against the company.”
Written by Jan Saddler
Written by Shine Lawyers. Last modified: July 20, 2014.