Westpoint investigation to take years
Westpoint administrator PBB has predicted it will take years to complete its investigations into the failed developer.
PPB also confirmed that about 90 associated companies could be pulled down with Westpoint, but could not put a figure on how much investors may have lost.
The Perth-based Westpoint Corporation was wound up in the Federal Court last week on grounds of insolvency.
Law firm Slater and Gordon is expected to launch court action — bankrolled by IMF — against a number of dealer groups and individual financial planners associated with Westpoint within the next fortnight.
Slater and Gordon lawyer Joanne Rees said any action by individuals against Westpoint or financial planner groups who recommended Westpoint products would not take as long PBB’s investigations.
“The actions for investors can take place a lot more promptly than criminal or civil actions taken by regulators,” Rees said.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
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.
