Category | Dealer Groups

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ASIC Reveals Reason For Dover Closure as McMaster Exits Industry

ASIC has revealed the closure of Dover Financial Advisers was triggered by concerns it had around the ability of the group to comply with financial services laws, and owner and director, Terry McMaster would be permanently leaving the industry. (more…)

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5 · June 30, 2018 in Compliance & Regulation, Dealer Groups  
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Dover Identified as High-Risk Before Closure

Dover Financial Advice was identified as a high-risk licensee earlier this year due to the number of its advisers who had switched between licensees and their low education levels compared to new standards, according to industry research group, Adviser Ratings. (more…)

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7 · June 26, 2018 in Dealer Groups  
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Commonwealth Bank to Demerge Advice Businesses

The Commonwealth Bank (CBA) has announced plans to demerge its wealth management business, including its third party financial advice licensees, which will operate under a separate name and listing on the ASX. (more…)

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0 · June 25, 2018 in Company News, Dealer Groups, Services  
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BTFG to Remove Grandfathered Payments

BT Financial Group (BTFG) has removed almost all forms of grandfathered payments paid to salaried advisers operating under the Westpac/BT advice channels. (more…)

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4 · June 20, 2018 in Company News, Dealer Groups, Remuneration  
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Dover Closure Highlights Licensing Bias Against Advisers

The rapid closure of Dover Financial Advisers has highlighted how the current financial advice licensing regime favours institutions ahead of advisers and clients, an industry consultant has claimed. (more…)

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8 · June 19, 2018 in Compliance & Regulation, Dealer Groups  
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ASIC Begins Court Proceedings Against Westpac Over Poor Advice

ASIC has begun court proceedings against Westpac, alleging that one of its former financial advisers breached best interest duties and provided inappropriate advice. (more…)

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0 · June 15, 2018 in Company News, Compliance & Regulation, Dealer Groups, Services  
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ASIC Issues Warning for Dover Advisers, Clients

ASIC has issued a reminder to Dover clients that their advisers are not able to provide advice until authorised by a new licensee, and for licensees to closely vet any former Dover adviser before bring them on-board. (more…)

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0 · June 12, 2018 in Company News, Dealer Groups  
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Dover Shutdown Not Initiated By ASIC

ASIC has confirmed that it was investigating Dover Financial Advisers but the sudden closure of the group, announced late last week, was initiated by the group and its owner, Terry McMaster. (more…)

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1 · June 12, 2018 in Company News, Dealer Groups  
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Dover Financial Advisers to Close in One Month

Non-aligned financial advice group Dover Financial Advisers has told its advisers their authority to act as authorized representatives had been withdrawn immediately and the group would cancel its licence in one month. (more…)

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7 · June 9, 2018 in Breaking, Company News, Dealer Groups  
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ASIC to Target Non-Bank Advisers

ASIC is likely to target smaller financial advice groups and individual advisers now that it had a better understanding of the key areas of concerns in the advice process, a financial services legal firm has claimed. (more…)

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4 · May 29, 2018 in Compliance & Regulation, Dealer Groups, Products, Remuneration, Services