The major Federal Court actions of 2023

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Mark Moshinsky.

Mercer Financial Advice has been ordered to pay a $12 million penalty for fees for no service and failures in its fee disclosure obligations.

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A former Ord Minnett financial adviser, who is being sued by the firm, has been temporarily banned from contacting her former clients after it was found 17 clients moved over to her new employer.

The Federal Court has issued a $900,000 penalty to ANZ in a landmark case over its breach of continuous disclosure obligations.

National Australia Bank has been ordered to pay $2.1 million by the Federal Court, the maximum penalty possible for a single breach of unconscionable conduct.

The decision by AMP to pay $100 million in settlement to members of the Buyer of Last Resort class action has been welcomed as providing closure, but one adviser told Money Management he expects members will fight on individually.