Gone With the Win Financial Planning(GWW) was a firm of financial planners and advisorsthat prides themselves with exclusive working and provide the best care for their high net wealth individuals

The firm's letterhead showed that GWW was authorized to operate under PMTED Financial Pty Ltd's Australian Financial Services Licence (No. 987654)

Steve Parell was a retired academic but doesn't really have a full understanding of all of this Steve saw a promotion by GWW in the investment magazine Shrewd Investor, inviting him to enquire about investing $3 million in fully franked transferable revolving underwriting corporate tax credits (TRUCs)and phoned Jim Brown, a principal with GWW about the investment

Following this telephone conversation Jim, on behalf of GWW, wrote to Steve introducing the firm, and making it clear that GWW was capable of advising Fred and doing research on his behalf. Jim even offered in the letter to provide Steve with a financial plan to help secure his financial future.

Steve spoke with Jim via video link on Zoom and assured him that he handled his own superannuation scheme and did not require a financial plan but needed clarification on the nature of the promissory notes she was offering him

Three days after writing this diary note, Fred invested his entire $3 million superannuation payout in TRUCs, boasting to his friends at a weekend barbecue that he was now a "TRUC driver."

Unbeknown to Steve, the day after he had written his diary note, ASIC issued a media release, as well as a notification to the ASX. Both documents stated that ASIC had issued a Regulatory Non-Compliance Notice to the solicitors of all companies in the Beta Group, demanding that each and every company in the Beta Group cease any and all activities directly or indirectly associated with public fundraising by security issue "immediately and forthwith on receipt of this Notice."

Fred is now angry cause now in 6 months the company is liquidated and his TRUC is now worthless

Give a thorough extensive response using the ILAC method and what Common Law would be imporrtant and relevant in this case. Long, explained response needed

Advise whether Steve can sue GWW and/or Jim on the basis that they were negligent in their advice to him.

Advise Steve and include in your advice whether GWW and/or Jim would have any defences.