The Federal Court has today dismissed ASIC's claims against a former director and a former consultant of deregistered financial services provider, Freedom Insurance Pty Ltd (Freedom Insurance), that they allegedly acted unlawfully through their involvement in the Freedom Group's sales incentive programs. The matter was heard by the Court in July 2023.
The Court did not accept ASIC's claims that Keith Cohen, the former Director of the Freedom Group, and Robert Oayda, a former Quality Assurance Manager, were involved in alleged contraventions of conflicted remuneration laws between November 2017 and October 2018, through conduct that
ASIC alleged prioritised driving insurance sales rather than customer needs. Nor did the Court accept ASIC's claims that Mr Cohen breached his directors' duties.
