The Federal Court has today dismissed ASIC’s claims against a former director and a former consultant of deregistered financial services provider, Freedom Insurance Pty Ltd (Freedom Insurance), that they allegedly acted unlawfully through their involvement in the Freedom Group’s sales incentive programs. The matter was heard by the Court in July 2023.
The Court did not accept ASIC’s claims that Keith Cohen, the former Director of the Freedom Group, and Robert Oayda, a former Quality Assurance Manager, were involved in alleged contraventions of conflicted remuneration laws between November 2017 and October 2018, through conduct that ASIC alleged prioritised driving insurance sales rather than customer needs. Nor did the Court accept ASIC’s claims that Mr Cohen breached his directors’ duties.
Download
Background
The Freedom Group of companies were placed into external administration on 13 February 2020 and later deregistered.
Mr Cohen was a director of Freedom Insurance, a director of Insurance Network Services Australia Pty Ltd (deregistered)(INSA), and a Responsible Manager on Freedom Insurance’s Australian financial services licence. Mr Oayda was engaged by INSA as a consultant to deliver services to INSA and Freedom Insurance.
Freedom Insurance was a case study during round 6 of the Financial Services Royal Commission (Volume 2 - pages 302 to 317). ASIC commenced an investigation into Freedom Insurance prior to the final recommendations of the Royal Commission.
This matter is the final remaining action brought by ASIC as part of case studies and investigations arising from the Financial Services Royal Commission.
Editor's note 1:
On 11 November 2025, ASIC filed a notice of appeal against the Federal Court’s decision to dismiss proceedings against Keith Cohen and Robert Oayda of deregistered financial services provider, Freedom Insurance.
ASIC is appealing the orders and whole of the judgment delivered on 16 October 2025 and is also appealing the Federal Court’s costs order against ASIC made on 5 November 2025.
The appeal will be heard by the Full Federal Court on a date to be determined.