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 |
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Jason Huljich
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CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin 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.