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Money Scandal-plagued Dover Financial shuts down, as ASIC investigation continues

01:32  12 june  2018
01:32  12 june  2018 Source:   abc.net.au

'Read email thoroughly, it contains unhappy news': Dover shuts down

  'Read email thoroughly, it contains unhappy news': Dover shuts down Its founder sensationally collapsed at the Royal Commission now he's closing the doors on Dover's advice arm.Dover Financial, based in the Melbourne suburb of Cheltenham, is one of the 10 biggest financial planning outfits in Australia and has more than 400 planners operating under its licence around the country.

ASIC 's investigation is continuing ". Last year, ASIC banned a number of Dover financial advisers for working under multiple licences as part of its Thanks for watching, subscribe for more videos Dover Financial shuts down , as ASIC investigation continues . 17:37 Financial advisors: Hidden

Terry McMaster is shutting down his scandal - plagued company Dover Financial , while ASIC 's probe into its business practices continues .

Terry McMaster.© AAP Terry McMaster. One of Australia's largest financial advice firms, scandal-plagued Dover Financial, will shut down its business from July 8, amid an ongoing investigation by the corporate watchdog.

Dover has been under investigation by the Australian Securities and Investments Commission (ASIC) since last year.

This was well before its owner Terry McMaster famously collapsed on the witness stand in April — after he was accused of lying, during his intense grilling about Dover's "Orwellian" client protection policy at the banking royal commission.

Mr McMaster conceded this policy was a "misnomer", particularly since it offered more legal protection to the firm than its customers.

'Clients left out to dry': Dover collapse prompts calls for compo scheme

  'Clients left out to dry': Dover collapse prompts calls for compo scheme The collapse of Dover has sparked renewed calls for a last resort compensation scheme to cover customers when their adviser's firm ceases to exist.Dover owner Terry McMaster on Friday told the 400 or so advisers that operated under its banner that their coverage on Dover's licence would be removed immediately after the corporate regulator signalled it would cancel the licence. That meant advisers would have to cease giving new advice immediately and stop servicing the estimated 40,000 to 50,000 clients completely by the first week of July.

One of Australia’s largest financial advice firms, scandal - plagued Dover Financial , will shut down its business from July 8, amid an ongoing investigation by ASIC ’s investigation is continuing .”The Melbourne-based company employs more than 400 advisers and about 260 practices across the

Terry McMaster is shutting down his scandal - plagued company Dover Financial , while ASIC 's probe into its business practices continues .

The regulator confirmed it was "minded to suspend or cancel Dover's AFSL" (Australian Financial Services Licence), and had served the firm with a notice of hearing.

"The matter has not gone to hearing but as a result of this notice, Dover and Mr McMaster have advised that, amongst other things, Dover will cease providing financial services," ASIC's spokesman said.

"At this stage ASIC does not intend to comment further. ASIC's investigation is continuing."

Australian regulator sues Westpac bank claiming poor financial advice

  Australian regulator sues Westpac bank claiming poor financial advice Australia's securities regulator said on Friday it had filed a lawsuit against No. 2 lender Westpac Banking Corp (WBC.AX) over alleged poor financial advice.The Australian Securities and Investments Commission (ASIC) on Friday said it filed a Federal Court lawsuit accusing Westpac of failing to act in the best interests of customers, providing inappropriate financial advice and failing to prioritise the interests of clients.

ASIC 's investigation is continuing ". Last year, ASIC banned a number of Dover financial advisers for working under multiple licences as part of its Wealth Management The commission also heard evidence that Dover , which has grown significantly in recent years, employed advisers it knew had

Terry McMaster is shutting down his scandal - plagued company Dover Financial , while ASIC 's probe into its business practices continues . 8 'tough Cop' Asic Too Timid On … Mr Morrison has tried to head off calls for a royal commission into the financial services sector by arguing ASIC already has

The Melbourne-based company employs more than 400 advisers and about 260 practices across the nation.

Its closure will leave around 30,000 of its clients with $20 billion in funds under advice in limbo.

Among other scandals involving the company, the royal commission heard that Mr McMaster threatened defamation proceedings after his client complained about Dover to the Financial Ombudsman Service.

Mr McMaster also hired financial advisers, who had issues with their previous financial services licenses, including "serious breaches" of their licence conditions.

Under his employment, one adviser Julie Hamilton was banned by ASIC for three years, and the other, Koresh Houghton, was hit with a permanent ban.

Prospa: The 'biggest float' of 2018 delayed indefinitely, as regulators investigate fintech loan contracts .
<g class="gr_ gr_8 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace" data-gr-id="8" id="8">Prospa</g> was marketed as the "biggest float of the year", but its initial public listing (IPO) on the ASX has been delayed again — this time, indefinitely.&nbsp;The online small business lender — or "fintech" as it likes to be called — was supposed to begin trading on Wednesday, but shelved its float with just 15 minutes to spare.

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