Financial services provider penalised $11 million over “cookie-cutter” advice

DOD Bookkeeping Pty Ltd (in liquidation), previously Equiti Financial Services Pty Ltd (Equiti FS), has been penalised $11,030,000 after the Federal Court found it breached conflicted remuneration rules and its advisers provided inappropriate “cookie cutter” advice.

Equity FS paid $130,250 in bonuses to three financial advisers who provided template advice to clients to roll over their super into self-managed super funds (SMSFs) and use those funds to buy property through a related entity, Equiti Property Pty Ltd.

Read more: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-063mr-financial-services-provider-penalised-11-million-over-cookie-cutter-advice-and-conflicted-bonus-payments