Pensioners to finally be compensated after Sharemax adviser loses eight-year battle against ombud ruling
In a breakthrough for at least three Sharemax investors — all pensioners — the Financial Sector Tribunal has after an eight-year legal battle dismissed the appeals with costs against financial adviser Deeb Risk and his financial advice company, D Risk Insurance Consultants. In a scathing media release on the tribunal’s decision, the ombud for financial advisory and intermediary services said the legal costs have by far outweighed the capital lost by complainants, and the insurers and individual financial services providers driving the litigation should consider whether they are not throwing good money after bad simply to make a point. “While we support a fair judicial process, the time has come to ask whether the continuous appeals of decisions of this office are in the best interest of consumers and the FSPs [financial services providers] who religiously pay premiums for professional indemnity cover. This especially applies where issues brought and decided on by various fora contin...
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