Beacon boss Peter Daly has admitted he was involved with a Sydney advice business that collapsed last month owing $450,000 to Linchpin.
Beacon’s managing director Peter Daly told ifa this morning that he had planned a JV with National Financial Advice Alliance (NFAA), which went into liquidation last month.
“Yes, we had planned a JV,” Mr Daly admitted in an email to ifa.
Documents seen by ifa show NFAA owes $450,000 to Linchpin Capital.
Mr Daly also confirmed that the Beacon conference in Adelaide next month is still on and that he will be attending. TAL and IOOF are sponsoring the event.
His comments come after Beacon advisers told ifa they are fearful of switching dealer groups after seeing how their fellow advisers who have exited were poorly treated.
“Exiting advisers have been victims of false allegations, ASIC complaints, FOS complaints and general slander against their good names,” said one source.
However, Mr Daly has rejected these claims, telling ifa that "no advisers have been mistreated. Advisers can leave the group without fear of retribution”.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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