ASIC starts investigation into Money Market Accounts
The Australian Securities and Investments Commission (ASIC) has written to clients of Sherwin Financial Planners and DIY Superannuation Services advising them that it has started an investigation into the operation of Money Market Accounts held by them.
The regulator announced today that it had written the letter "advising of its concerns in relation to the processing of transactions on Money Market Deposit Accounts (Money Market Accounts) that were held by the clients with BOQ (Sherwin Group clients)".
The announcement said the Money Market Accounts were managed by the BOQ's agent, DDH Graham.
ASIC said its letter to Sherwin group clients informed that that it had commenced an investigation into the operation of the Money Market Accounts held by Sherwin Group clients, which relates to whether BOQ or DDH Graham may have processed transactions when they should not have.
The letter also pointed out steps they might "wish to take as soon as possible if they have suffered financial loss and may have a claim for compensation".
It said that if they did wish to take such steps and if they did have a claim, time limitations would apply to that claim, and they might need to take prompt steps to ensure any claim is brought in time.
The letter said ASIC's investigation in relation to the BOQ and DDH Graham was ongoing.
ASIC's actions in relation to Sherwin Financial Planners and DIY Superannuation Services evolves out of its earlier investigation into Wickham Securities of which Bradley Sherwin was a director.
The regulator began an investigation into the Sherwin group of companies in early 2013.
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