Ombudsman takes action against operators of financial advisory business

The Fair Work Ombudsman has commenced legal action against the operators of a Sydney financial advisory business.

The regulator confirmed the action against Centennial Wealth and its sole director, Nevenka “Natasha” Lovric, after it opened an investigation when contacted by a former worker.

In August 2021, Centennial Wealth was issued a compliance notice on the belief that one of its workers had underpaid entitlements owed under the Banking, Finance and Insurance Award 2020 and the Fair Work Act’s National Employment Standards.

It’s also alleged that the employee had underpaid annualised salary entitlements and did not receive payment in lieu of notice and for accrued but untaken annual leave after leaving the company in March 2020.

The Ombudsman has alleged that Centennial Wealth failed to comply with the compliance notice which required it to calculate and pay back the employee’s entitlements.

“Where employers do not comply, we will take appropriate action to protect employees. A court can order a business to pay penalties in addition to back-paying workers,” Fair Work Ombudsman Sandra Parker said.

The maximum penalty for a company for failing to comply with a compliance notice is $33,300 per contravention and the maximum penalty for an individual is $6,660 per contravention.

A directions hearing is listed in the Federal Circuit and Family Court in Sydney on 17 June 2022.

Neil Griffiths

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

Neil is also the host of the ifa show podcast.