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Australian case law and legislation

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Reference no: EM131683027

Nina is a financial planner who has just started her own financial planning business and she holds an AFSL. Her friend advised her to advertise in the local radio in order to attract more clients. Nancy and Henry are about to retire and have worked hard in their live and want to invest in something which would bring a steady and safe income. After hearing the advertisement, they call Nina and make an appointment to see her. Nancy and Henry have very little financial knowledge and want to seek Nina's advice. Nancy and Henry are both elderly and have hearing disability.

At the meeting, Nancy and Henry tell Nina that they both have hearing disability and asked Nina to speak a little bit louder so as to allow them to understand her better. They also tell Nina that they want to invest in a very steady and safe investment and have small risk appetite. Nina has been taking notes during their meeting and she tells them they need to bring specific personal financial documents so that she can do proper evaluation and give them best and appropriate advice. These financial documents are bank statements, information about total assets and liabilities.

Nina tells them that due to their small risk appetite and based on their financial background, it is best for them to invest in shares of a real estate developer Royal Land Ltd ("RL"). The company builds casinos throughout the world and is very profitable with guaranteed steady returns. Nancy and Henry listen to Nina carefully and follow her advice by investing in RL. All of Nina's advice is verbal and Nina does not provide this couple with any supporting documents.

Three months after their meeting with Nina, Nancy and Henry invested in RL. The company has gone into liquidation. It turns out that buying shares of RL was considered as a high risk investment. The couple has been advised that their chances to receive their investment are below minimal, if any. Nancy and Henry are devastated and hire you as their lawyer.

REQUIRED:

Advise Nancy and Henry in relation to all legal rights against Nina by citing relevant Australian case law and legislation.

Reference no: EM131683027

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