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With no oversight and with the formulation of a disciplinary body still in transition, advisers and licensees have put on hold the supervision and application of the Code of Ethics despite the possible legal ramifications associated with doing so. Currently it is a requirement under the Corporations Act following reforms introduced in March 2017 to adhere to new professional standards including compliance with the Code of Ethics. In its timeline the securities regulator sets out that from January 2020 advisers who are authorised representatives of AFSL holders must apply with the code. “I�...

The federal court has dished out a $1.2 million penalty to Dover Financial Advisers as part of the fallout from its 2019 judgement that the stricken licensee engaged in “false, misleading or deceptive conduct” when it provided almost 20,000 ‘client protection’ policies. As part of the ruling the firm’s former sole director, Terence McMaster, has also been ordered to pay $240,000 for being “knowingly concerned” in Dover’s conduct. Dover had its AFSL cancelled by ASIC in September 2018 after it found that the protection policy provided to clients actually stripped them of protec...

Date Time Share Dover Financial Advisers to pay $1.2 million penalty and its sole director to pay $240,000 penalty for false or misleading conduct The Federal Court has ordered that Dover Financial Advisers Pty Ltd (Dover) pay a $1.2 million penalty for engaging in false or misleading conduct, and that Terrence (Terry) McMaster, Dover’s sole director, pay a $240,000 penalty for being knowingly concerned in Dover’s conduct. These penalties follow the Federal Court’s 22 November 2019 judgment, which found that Dover engaged in false, misleading or deceptive conduct when it provided a Cli...

“The contravention arose out of the conduct of the most senior management within Dover, being Mr McMaster.” While not satisfied that McMaster was consciously aware the client protection policy contained a false or misleading statement, Justice O’Bryan observed that he had been aware of all the relevant facts making it so and that “McMaster’s behaviour following the institution of these proceedings indicates that he has only a limited appreciation of the seriousness of the contravening conduct and little if any contrition for the wrongdoing”. Danielle Press, Australian Securities a...

The corporate watchdog has acknowledged the overwhelming response from its consultation paper on advice affordability, flagging the next steps it will take to address the growing barriers for SMSF advisers.