Spring FG denies link to banned planner
Publicly-listed financial services firm, Spring FG has denied assertions by the Australian Securities and Investments Commission (ASIC) about its involvement with a banned financial planner.
The company has issued a statement seeking to distance itself from ASIC's permanent banning of the former planner, Nicholas Hunter.
The statement said media coverage resulting from the ASIC release, distributed on Thursday, had implied or stated that Hunter was an employee of Spring FG subsidiary, Spring Financial Group Pty Ltd.
It said this was not the case and that "Hunter was never employed by Spring FG nor any subsidiary".
"At no stage was Hunter involved in the operation or conduct of any Spring FG business nor did he have any dealings with its clients," the Spring FG statement said.
"Nick Hunter was an employee of and representative of an independent firm Murphy Dawson Partners."
"For a limited period from May 2011 to May 2012. Murphy Dawson held a corporate authorised representative arrangement with Spring Financial. Spring Financial unilaterally terminated that arrangement more than three years' ago over concerns it held as to the conduct of Murphy Dawson.
The statement ended on the note that "Spring FG welcomes the banning order against Hunter".
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
