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.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
