NextGen Financial Group has formally entered into liquidation after losing a Federal Court case regarding an unpaid Australian Financial Complaints Authority (AFCA) determination.
Following a hearing, a notice from ASIC stated that Joseph Loebenstein of Victoria-based Loebenstein Insolvency Services has been appointed as liquidator by order of the court. The firm is now in liquidation, since 17 November 2023.
In July 2023, the firm was ordered by the Federal Court to pay an SMSF trustee $270,000 over an unpaid AFCA determination regarding inappropriate financial advice.
In August 2016, WJ & V Drakoulis Super Pty Ltd (as trustee for the WJ & V Drakoulis Super Fund) received personal advice to establish an SMSF to purchase a residential…
Read the full article at: https://www.moneymanagement.com.au/news/financial-planning/nextgen-financial-group-enters-liquidation