ARTICLE · 04 NOVEMBER 2019

Financial Product Advice - What Was General Is Now Personal

Johnson Winter & Slattery

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On 28 October 2019, the Full Court of the Federal Court published its judgment in Australian Securities and Investment Commission v Westpac Securities Administration Limited [2019] FCAFC 187 (ASIC v Westpac).

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On 28 October 2019, the Full Court of the Federal Court published its judgment in Australian Securities and Investment Commission v Westpac Securities Administration Limited [2019] FCAFC 187 (ASIC v Westpac). In separate judgments written by Allsop CJ, Jagot and O'Bryan JJ, the Full Court unanimously overturned the part of the first instance judgment pertaining to personal advice. Their honours held that personal advice was given to all of the 15 customers at issue, not merely general advice as held at first instance. The Full Court also upheld the finding that the respondent had breached section 912A¹, focussing on the unfairness of the respondent's conduct.

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