Dover, McMaster hit with $1.4m penaltyBY KARREN VERGARA | FRIDAY, 5 MAR 2021 12:42PMIn a win for ASIC this morning, Dover Financial Advisers and its founder Terry McMaster have been ordered to pay over $1.4 million in penalties by the Federal Court of Australia. Related News |
Editor's Choice
CALI seeks life insurers exemption from lead generation ban
The Council of Australian Life Insurers said it will argue a strong case for exemption for life insurance lead generation to not be swept up into a blanket ban designed to address misconduct in other parts of the financial system.
Dexus executives step down over leaked airport data case
Dexus said key executives have been stood down while the board and management consider the NSW Supreme Court judgement for it to sell its stake in Melbourne and Launceston airports.
HESTA extends decades-long partnership with J.P. Morgan
J.P. Morgan will continue to deliver custodial and fund services for the $102 billion super fund for a further five years, extending their partnership to more than 30 years.
Treasury releases adverse genetic test results ban draft regulation
Treasury is seeking feedback on draft regulations that ban the use of adverse genetic test results in life insurance, which come into effect on October 8.
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
What makes an economist an economist? TCorp chief economist Brian Redican reflects on over three decades of navigating Australia's economic cycles. Riddhima Talwani writes.
Ridiculous! Culpable or not, these people - and their former 400 advisers - were not, and are not, criminals. In typical gung-ho ASIC mentality, technical breaches are treated as sins against humanity.
As a retired financial adviser with 50+years in practice, I would stake my pension on the fact that more good was delivered to the Clients of the 400 advisers than was anything resembling dis-service. But ASIC couldn't care less about the thousands of Clients who were deprived of their Adviser immediately approaching Financial Year-end at the time they stopped Dover trading. Not even a consideration.
Financial Planning is about caring for the security and well-being of everyday Australians. The question as to whether the Advisers were doing so in utmost good faith was clearly never a consideration of ASIC. And sadly, and tragically, still isn't.