Wealthcare Financial Planning Pty Ltd v Financial Industry Complaints Service Ltd

Wealthcare Financial Planning Pty Ltd challenged a decision by the Financial Industry Complaints Service Ltd regarding a complaint brought by one of its retail clients. The case was heard in the Supreme Court of Victoria. The principal dispute was whether the panel that determined the complaint was required to apply the principles of proportionate liability in its assessment and resolution of the complaint.

The court was required to decide if the panel was bound by the principles of proportionate liability when evaluating the complaint. The respondent argued that the panel was not subject to such principles and was instead directed by the statutory framework governing the financial industry complaints and dispute resolution scheme. The appellant contended that the principles of proportionate liability should apply to ensure fairness and equity in the resolution of the complaint.

The court found that the panel determining the complaint was not bound to apply principles of proportionate liability. The statutory framework governing the financial industry complaints and dispute resolution scheme did not impose such a requirement on the panel. Consequently, the court dismissed the appellant's application for declarations and for judicial review. The decision was grounded in the interpretation of the relevant sections of the Corporations Act 2001 (Cth) and the Wrongs Act 1958 (Vic).

The court made a declaration that the panel determining the complaint was not bound to apply the principles of proportionate liability and dismissed the application for judicial review. No further orders were made.