Dover advisers left in limbo
The future of more than 400 financial advisers operating under the Dover Financial Services license is in doubt, following confirmation that Dover had entered into an agreement with the Australian Securities and Investments Commission (ASIC) which will see its license cancelled, effective from 6 July.
The advisers were informed of the company’s arrangement with the regulator via a company-wide e-mail on Friday with the consequence that their authorised representative status was being withdrawn, meaning that only advice given before last Friday could be implemented.
The move by Dover and ASIC followed on from the appearance of the company’s principal, Terry McMaster before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and his controversial collapse while giving testimony during proceedings.
ASIC spokesmen at the weekend indicated that Dover had acted largely on its own initiative in announcing the termination of its Australian Financial Services License and the consequent termination of the AR status of its advisers.
An ASIC spokesman noted that the matter had not gone to hearing but as a result of the Dover notice it was clear that Dover would case providing financial services.
The future of planners operating under the Dover AFSL will be problematic not only because of the cancellation of the company’s license but because of suggestions made during the Royal Commission that it had employed planners who had previously exited other planning firms under a cloud.
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.