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Court orders Dover advisers to split $1.2M penalty bill

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 protections by creating a “significant imbalance in the rights and obligations of the adviser and their client”, as well as prioritising the interests of the firm and its representatives over those of the clients. ....

New South Wales , Terence Mcmaster , Justice Michael Obryan , Tahn Sharpe , Justice Obryan , Justice Michaelo Bryan , Justiceo Bryan , Danielle Press , Client Protection Policy , Advanced Diploma , புதியது தெற்கு வேல்ஸ் , டெரன்ஸ் மக்மாஸ்டர் , நீதி மைக்கேல் ஓப்ரியான் , நீதி ஓப்ரியான் , டேனியல் ப்ரெஸ் , வாடிக்கையாளர் ப்ரொடெக்ஶந் பாலிஸீ ,

Dover and McMaster handed penalty | Money Management

“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 and Investments Commission (ASIC) commissioner, said the purpose of Dover’s client protection policy was to exclude or limit Dover’s liability to clients to its own financial benefit. ....

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