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A person must not, in the course of carrying on a financial services business in this jurisdiction, engage in dishonest conduct in relation to a financial product or financial service.
Note: Failure to comply with this section is an offence: s. 1311(1).
Note: Failure to comply with this subsection is a contravention: s.1041I.
Penalty:
15 years imprisonment
Summary/Indictable/mixed:
Indictable
Jurisdiction:
District or Supreme Court
How committed:
An insurance broker promises a policy purchaser that the product will deliver benefits in circumstances where it will not and never could.
Important note:
Defence: For defences to a prosecution based on this section, see Division 4 - Defences, relief and limits on liability: s.1044A General defence or relief for publishers and 1044B Limit on liability for misleading or deceptive conduct.