Advice platform hit with cease and desist by fintech provider

July 12, 2021 AEST

A goals-based advice platform has been issued a cease and desist letter by a fintech provider alleging “substantial copyright breach”.

Astute Wealth Advice, creators of engagement platform AstuteWheel, served the letter to Lumiant on Monday in regard to a financial health questionnaire.

Astute Wealth has alleged Lumiant’s “Lumiant Confidence Questionnaire” uses “substantially the same words as almost all of the text in AstuteWheel’s 5-minute ‘Health Check’”, which launched in 2011.

“It is extremely disappointing to discover that a financial services company appears to have copied our material,” Astute Wealth managing director, Hans Egger, said.

“Given all that has happened in and to the financial advice industry in Australia over the past decade, if any industry knows how imperative it is to behave with honesty and integrity, it is this one.”

Astute Wealth is also alleging that the rating questions and scores in Lumiant’s questionnaire are “very similar” to their health check survey.

Astute Wealth said it intends to commence proceedings against Lumiant, unless “certain terms” are met by 20 July.

“We will not stand by and allow Lumiant to reproduce our intellectual property for their commercial advantage,” Mr Egger said.

Lumiant responded to the news in a statement given to ifa.

“Lumiant supports fair business at Lumiant and as such will not be providing comment on ongoing legal matters until it is appropriate,” a Lumiant spokesperson said.

Originally published in IFA on 12th July, 2021.

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