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Shine Lawyers investigating claims against Financial Technology Securities (FTS)

bad financial advice lawyers

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.”

Anyone requiring more information about their legal rights against FTS can contact the Shine Lawyers professional negligence team.

 

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Written by Shine Lawyers on . Last modified: July 12, 2017.

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  • Natalie willcocks wrote:

    I am a current client of FTS, I have not lost money, however I now believe that financially no better off than when I began with the program in 2007. We were one of the cims clients & everything has been moved but I getting more confused by the day with our financial situation!? Is there any class actions against the company etc as i am now thinking we need out of this company but financially I am up the toilet! If someone could give me a ring tomorrow after 2pm as I wont be able to talk until then that would be great. 0401608919

    • Hi Natalie. Thanks for getting in touch and I’m sorry for the late reply to your message. I’ve just sent your details through to a member of our team, they will be touch with you shortly to see if we can assist. Kind regards, Carlie – Shine Lawyers.

  • Kevin and Donna Cashion wrote:

    In 2011 we became clients of FTS dealing with representitives from the Mackay office in QLD . Letting them invest our money which they regularly took from Sunsuper and money we had with Westpac that we received when my husband discharged from the Army from Compsuper which he had to rollover until he turned 55 and could then access this money if needed . We never really were given much advice to how much or where our money was being taken from and invested until recently when we enquired about accessing the money from Compsuper FTS advised us they were no longer our financial advisers and could not help us . Enquiries made to MLC where FTS had invested our money we were told that FTS had removed themselves as our advisers in 2015 unbeknown to us. Now we have been told that FTS invested all our money into Super that cannot be accessed until 65years even though DFRDB has told us we can access the money received from Comsuper. If you could please advise us what else we can do it would be appreciated as phone calls from us result in the phone being hung up on us.

    • Shine Lawyers wrote:

      HI Kevin and Donna, thanks for getting in touch and sharing your story. I recommend chatting to a member of our New Client Team about your situation. If you would like to receive a callback, enter your details here: http://bit.ly/2aKQU42

  • Ian Baker wrote:

    My ex-wife and I were sold up the creek by this shonky mob years ago, Panic set in with FTS during the GFC and we were naive enough to believe their spin. Result: broken family, nothing left. Bad advice resulting in broken lives and broken family. They just didn’t have their act together and we suffered the consequences. Snake oil salesmen and charlatans.

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