Ombudsman takes action against operators of financial advisory business

The Truthful Get the job done Ombudsman has commenced authorized motion from the operators of a Sydney economical advisory small business.

The regulator confirmed the action towards Centennial Prosperity and its sole director, Nevenka “Natasha” Lovric, right after it opened an investigation when contacted by a former employee.

In August 2021, Centennial Prosperity was issued a compliance see on the perception that 1 of its workers had underpaid entitlements owed less than the Banking, Finance and Insurance policy Award 2020 and the Honest Function Act’s National Employment Benchmarks.

It is also alleged that the personnel experienced underpaid annualised income entitlements and did not get payment in lieu of recognize and for accrued but untaken yearly go away soon after leaving the enterprise in March 2020.

The Ombudsman has alleged that Centennial Wealth unsuccessful to comply with the compliance recognize which required it to work out and pay again the employee’s entitlements.

“Where businesses do not comply, we will acquire suitable action to defend workforce. A court docket can order a company to shell out penalties in addition to back again-spending personnel,” Truthful Work Ombudsman Sandra Parker reported.

The greatest penalty for a firm for failing to comply with a compliance discover is $33,300 for each contravention and the greatest penalty for an person is $6,660 for every contravention.

A directions listening to is shown in the Federal Circuit and Loved ones Court in Sydney on 17 June 2022.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, which includes ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.