DHA subject of AFP investigation
Defence Housing Australia (DHA) which has promoted itself heavily seeking investment via financial advisers and self-managed superannuation funds (SMSFs) is currently the subject of an investigation by the Australian Federal Police (AFP).
The AFP investigation has been instigated following a referral from the Department of Finance which together with the Department of Defence is the major shareholder in DHA.
Neither the AFP nor the Department of Finance has revealed the nature of the investigation.
A parliamentary inquiry is currently underway into the operations DHA, including senior management arrangements and board composition.
The inquiry is also investigating future land sales and the implication for residents if existing housing stock is sold.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
