Federal Court dismisses Australian Securities & Investments Commission claims against former Freedom Insurance director and consultant over sales incentive programs

The Australian Securities & Investments Commission reported that the Federal Court has dismissed its claims against Keith Cohen, a former director of deregistered financial services provider Freedom Insurance Pty Ltd, and Robert Oayda, a former consultant, over their alleged involvement in the Freedom Group’s sales incentive programs. The Court rejected ASIC’s allegations that the conduct breached conflicted remuneration laws and that Mr Cohen breached his directors’ duties. ASIC alleged the contraventions occurred between November 2017 and October 2018 and prioritised driving insurance sales rather than customer needs, with the matter heard in July 2023. Freedom Group companies entered external administration on 13 February 2020 and were later deregistered, and the case was the last remaining ASIC action arising from case studies and investigations linked to the Financial Services Royal Commission, where Freedom Insurance featured as a round 6 case study.