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Key decisions

  • Australian Securities and Investment Commission v Westpac Securities Administration Ltd [2019] FCAFC 187

Corporations law – consumer law – regulatory law

What is ‘financial product advice’, when is it ‘personal advice’ or ‘general advice’ and the duties that arise depending on which type of advice it is

Australian Securities and Investment Commission v Westpac Securities Administration Ltd [2019] FCAFC 187 (28 October 2019) is an important decision on the interpretation and application of the provisions addressing financial services and markets provided for by Chapter 7 of the Corporations Act 2001 (Cth) (‘the Act’). Relevantly, Division 4 in Part 7.1 concerns when a person provides a financial service. The legislation contains a significant distinction between ‘personal advice’ or ‘general advice’ (as defined in s 766B).

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