Money 'Read email thoroughly, it contains unhappy news': Dover shuts down

02:55  11 june  2018
02:55  11 june  2018 Source:   theage.com.au

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"Please take the time to read this email thoroughly . It contains some unhappy news ," the email signed by Mr McMaster begins. "We very much apologise for the short notice," the email says.

by The Sydney Morning Herald 4 days ago. Its founder sensationally collapsed at the Royal Commission now he's closing the doors on Dover 's advice arm .

Terry McMaster leaves the Federal Court with the aid of paramedics after collapsing while being questioned.© AAP Terry McMaster leaves the Federal Court with the aid of paramedics after collapsing while being questioned.

Financial planning group Dover Financial Advisers has abruptly pulled the pin on its advice services just weeks after its founder collapsed on the stand at the Hayne royal commission.

Dover Financial, based in the Melbourne suburb of Cheltenham, is one of the 10 biggest financial planning outfits in Australia and has more than 400 planners operating under its licence around the country.

Fairfax Media has obtained an email Dover's owner Terry McMaster wrote to the company's network of planners on Friday telling them to cease offering new advice immediately as the corporate watchdog was going to remove its licence, putting an estimated 50,000 clients in limbo.

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' Read email thoroughly , it contains unhappy news ': Dover shuts down . Its founder sensationally collapsed at the Royal Commission now he's closing the doors on Dover 's advice arm.

' Read email thoroughly , it contains unhappy news ': Dover shuts down . The Sydney Morning Herald 43d. Moving Average Crossover Alert: Dover Corporation (DOV).

Mr McMaster shot into the national spotlight recently when he collapsed under questioning from counsel assisting Mark Costello, after Mr Costello had accused Mr McMaster of giving a misleading answer.

The email sent on Friday says Dover had agreed with the Australian Securities and Investments Commission on an "orderly" way to remove the company's licence that would mean advisers could not offer new advice from Friday June 8 and that all service must cease by July 6.

"Please take the time to read this email thoroughly. It contains some unhappy news," the email signed by Mr McMaster begins.

"We very much apologise for the short notice," the email says.

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' Read email thoroughly , it contains unhappy news ': Dover shuts down . The Sydney Morning Herald 43d. Moving Average Crossover Alert: Dover Corporation (DOV).

' Read email thoroughly , it contains unhappy news ': Dover shuts down . 0:0 Комментарии. Dover Financial shuts up shop.

"The above was only agreed in the last 72 hours. Various aspects of the agreement, including the time of year and the speed of the closure, were entirely outside of our control."

It warns advisers that if they provide new advice they will be personally liable for any damages.

"As you can imagine, ASIC are watching the way that we wind the AFSL down very closely," it says, adding advisers should not attempt to contact Dover staff except by email to Mr McMaster.

"As you can appreciate, this is a stressful time for our staff, who will be discontinuing their employment with us in the near future," it says.

"We are aware that this announcement has come very suddenly. We regret this immensely, but there is nothing we can do about it. We are also aware that this email is a somewhat impersonal way for you to hear that your arrangement with Dover must come to an end. Once again, this is beyond our control.

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' Read email thoroughly , it contains unhappy news ': Dover shuts down . Monday, 11 june 2018. Its founder sensationally collapsed at the Royal Commission now he's closing the doors on Dover 's advice arm. Dover Financial, based in the Melbourne suburb of Cheltenham, is one of the 10 biggest

' Read email thoroughly , it contains unhappy news ': Dover shuts down . Its founder sensationally collapsed at the Royal Commission now he's closing the doors on Dover 's advice arm.

"Unfortunately, it has proven impossible for us to continue in the current environment. This is a cause of immense sadness to us."

Terry McMaster.© AAP Terry McMaster.

An ASIC spokesman said in a statement that it had started investigating Dover last year and had signalled to the company that it was "minded to suspend or cancel Dover’s Australian Financial Services Licence (AFSL)" at a hearing.

"The matter has not gone to hearing but, as a result of this notice, Dover and Mr McMaster have advised that, amongst other things, Dover will cease providing financial services," the statement said.

The spokesman declined to comment further, citing the ongoing investigation.

Mr McMaster did not return calls from Fairfax Media.

An industry source said the looming closure would be disruptive for the industry given it was very unlikely another licence holder would be keen to quickly pick up Dover's former advisers.

"Hundreds of advisers out there at the moment need to find a new home and there would not be a licensee in the country that would take on all those advisers en masse," he said.

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Hot news — Big Freeze on its way to Adelaide. 0:0 Комментарии. The G7 summit, summed up in one photo. 0:0 Комментарии. ' Read email thoroughly , it contains unhappy news ': Dover shuts down .

It would also put into doubt where customers could go if they were pursuing Dover for compensation, he said.

"If Dover goes into administration, any client who has got a compensation matter in front of Dover or the Financial Ombudsman Service maybe become an unsecured creditor," he said, predicting the closure would add to the debate about the need for a government-backed compensation system.

"Who will take responsibility for the advice given in the past by Dover?"

He said it was likely each adviser had more than 100 clients meaning potentially 50,000 customers could be affected.

The royal commission heard in May that Dover had employed several planners who had been terminated by other financial institutions for misconduct, despite warnings from the former employers, and used a team of young lawyers in its Vietnam office to undertake compliance tasks.

Dover also allows financial planners, including those who had failed audits at their prior employer, to conduct their own audits of whether their advice was appropriate rather than having a separate team do so, the commission heard.

The royal commission also heard that Dover was the only financial institution in the country to decline Commissioner Hayne's invitation to provide a list of misconduct or conduct falling below community standards.

Mr McMaster has made strong comments criticising the regulator about banning planners and naming those planners, citing Common Law respect for the right of an individual to earn a living.

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