The Supreme Court of Victoria has ordered that imac legal be joined as a co-defendant alongside Holley Nethercote (HN Law) after revelations that HN Law sub-contracted its 2016 report on Dover’s client protection policy to the firm’s Ian McDermott, paying about half of its total fee of around $6,300 in return for a “near final draft (of the client protection policy) to HN Law for review”.
“Dover commissioned the 2016 Holley Nethercote report for the specific purpose of voluntarily providing it to ASIC. Dover was subject to an ASIC investigation that it had requested,” Terry McMaster told ifa.
“Both Holley Nethercote and imac legal knew their report was commissioned for this specific purpose. The Holley Nethercote report was subsequently voluntarily provided to ASIC by Dover as evidence of Dover’s compliance with the law.”
Mr McMaster told ifa that the report discussed the client protection policy in detail and in positive terms, and that neither Holley Nethercote nor imac legal identified any of the issues that ASIC later found breached the Corporations Act. Mr McMaster has previously said that he believes he was provided with negligent advice on the client protection policy.
Mr McMaster noted that the $1.5 million cap on liability may not apply to imac legal because “no notice was provided”. Total damages sought are about $15,000,000.
Where’s Terry. He has been very quiet lately. The end can’t be far away.
Terry thinks he is above the law. He forgets how many financial advisors businesses he has destroyed.
Agreed… so is it about time that some of the 400 who have endured partial or complete loss of business and/or earning capacity due to this idiot’s hubris, bravado and stupidity – claw some of that back?
I still don’t see how any clients could have been worse-off as a result of the protection policy; or how they differ from many other businesses/industries who require similar agreements to be signed
Terry McMaster is what is wrong with everything in the financial world!! What a true piece of work. Where is the class action against Terry for destroying planners lives, companies, families!!
Terry is pursuing EX AR’s for Fees that they have not paid, as any business would, services provided then fees are due. Many of us paid our fee’s so why should others be let off the hook !!
What stuns me is that Terry and Sam Henderson are the only people to have been wiped out. If those are the rules that’s fine but what about AMP and the other big players? The AMP mediation bill looks like being around $700m meanwhile both McMaster and Sam Henderson were not shown to have inappropriately charged anyone!
When will the financial advisors receive compensation from Terry for the lost of there businesses.
How can the advisers access a payout for all the losses we suffered?
Terry’s not going all the way down without a fight. Keep fighting Terry.
As for ASIC and this Client Protection Policy ( I mean Terry Protection Policy), just what were the financial losses suffered by Dovers clients for this most drastic legal slip by Dover ?
Was there ever a $$$ number of client losses that ASIC put on it ??
Or just a trumped up ASIC charge to support their mates at the big banks ???
And for ASIC to put a few more Non Institutional Heads on Sticks !!!!
[b]ASIC please confirm the actual client losses suffered?? [/b][b][/b]
I understand that when ASIC took Terry to court it conceded that no client losses could be shown.
correct .
If I’m caught driving at 100km/h in a 60km/h zone, but nobody died. Am I still breaking the law?
You are. But the penalty is much less. Go over the limit and you lose your driving licence. Kill someone and you go to jail. That was the initial commenter’s point: Dover’s penalty was ridiculously disproportionate because it could not lawyer up against ASIC.
Pardon my confusion. Is imac law controlled by Mr McMaster or somene else?
Terry is suing himself to get insurance money for providing poor or misleading advice to himself. Lol
Yep he’s a piece of work alright. But then again, so is ASIC!
Read the article. IMac Legal was external to Dover.
How is he not broke yet ?
Maybe he followed his own wealth protection advice! But he is pursuing ex Dover ARs for unpaid fees so I guess he needs that money.