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
Perennial Partners takes over Australian Unity fund
Perennial Partners has agreed with Australian Unity Funds Management Limited (AUFM) to take over the investment management of the latter's Future of Healthcare Fund.
Platinum's FUM dips below $14bn
Platinum Investment Management's funds under management took a $1.65 billion hit to end up at $13.5 billion at the end of April.
AMP launches alternative debt fund
AMP said the new fund will provide bespoke access to global private debt investments but will only be available to some.
REI Super updates Conservative option
REI Super is rejigging its Conservative investment option and will change the name to "Growth Plus".
Products
Featured Profile
Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean 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.