ASIC releases statement on Dover

ASIC releases statement on Dover

ASIC has confirmed that it has been investigating Dover Financial Advisers since 2017 in the lead-up to the shock closure of the dealer group.

Last week, ifa exclusively reported that Dover director Terry McMaster has announced Dover will close its doors and cancel its licence, leaving hundreds of financial advisers urgently seeking a new licensee.

In his letter to authorised representatives, Mr McMaster indicated that ASIC intervention was the primary reason for the shutdown and “short notice”, and said “ASIC are watching the way that we wind the AFSL down very closely”.

An ASIC spokesperson has now issued a short statement to ifa clarifying its position and seemingly suggesting that the ultimate decision to close shop was Mr McMaster’s.

“As part of an ongoing investigation commenced in 2017, ASIC served a notice of hearing on Dover that ASIC was minded to suspend or cancel Dover’s AFSL,” the statement said.

“As a result of this notice, Dover [and] Mr McMaster have advised that, amongst other things, Dover will cease providing financial services.

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"At this stage ASIC does not intend to comment further. ASIC’s investigation is continuing."

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