ASIC urges clients of collapsed AFSL to seek redress
The corporate regulator has urged clients of liquidated Sherwin Financial Planners and DIY Superannuation Services to seek compensation, after investigating the handling of client accounts by the Bank of Queensland and Brisbane funds management firm DDH Graham.
In a statement released today, ASIC said it had written to the clients of Sherwin Financial Planners and DIY Superannuation Services advising of its concerns in relation to the processing of transactions on Money Market Deposit Accounts held by the clients with BOQ (Sherwin Group clients).
The Money Market Accounts were managed by BOQ's agent, DDH Graham.
"ASIC has commenced an investigation into the operation of the Money Market Accounts held by Sherwin Group clients, which relates to whether BOQ or DDH Graham may have processed transactions when they should not have," the statement said.
"There are steps they may wish to take as soon as possible if they have suffered financial loss and may have a claim for compensation."
ASIC said that if clients do have a claim, time limitations will apply to that claim, and they may need to take prompt steps to ensure any claim is brought in time.
Sherwin Financial Planners was placed into administration in January 2013 and liquidation in February 2013, along with other companies of which Mr Sherwin was a director, including Reacroft Pty Ltd, Astor Funds Pty Ltd and Blue Diamond Investments Pty Ltd.
Stefan Dopking, Quentin Olde and Michael Ryan of FTI Consulting (previously Taylor Woodings) were appointed as liquidators of those companies, which collapsed owing more than $30 million to clients of Sherwin Financial Planners.
ASIC's investigation in relation to BOQ and DDH Graham is ongoing.
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