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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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.