
Westpac has lodged proceedings in the Supreme Court against three former advisers, who all left to join the same boutique advice firm, over alleged breaches of contract.
According to documents lodged with the Supreme Court of Victoria, the bank has commenced proceedings against Martin Sherwood, Dale Morgan and James Williams, all of whom were previously licensed by Westpac Banking Corporation, according to ASIC data.
The former Westpac advisers are currently registered as advisers with Viridian Advisory, a boutique firm based in Melbourne with additional offices in NSW, Tasmania and Western Australia.
According to the Supreme Court documents, the proceedings against Mr Williams and Mr Sherwood have been brought by Westpac Financial Consultants, while the proceedings against Mr Morgan have been brought by Westpac Banking Corporation.
A spokesperson for Westpac subsidiary BT Financial Group confirmed the legal proceedings but was not able to provide further detail on the matter.
“Westpac has commenced legal action against three former employees for breach of contract. As the matter is before the courts, we will not be commenting further,” the spokesperson told ifa.
ifa has sought comment from the three former Westpac advisers.
Diverger has made an offer to acquire Centrepoint Alliance, a move that would create one of the largest licensees behind only Insignia and AMP. ...
The corporate regulator has outlined a key focus on product labelling and advertising. ...
The federal government has sought to clear up uncertainty about the status of crypto for tax purposes following the adoption of bitcoin as legal tende...