ASIC gave ex-Dover adviser thumbs up while at AMP

The corporate regulator was happy with an ex-Dover adviser’s compliance record at AMP, contrary to remarks AMP made about him at the Hayne royal commission hearings earlier this year.

In April, ifa reported AMP had deliberately sought to conceal former AMP executive Adam Palmer’s inappropriate advice from Dover after he announced his intention to switch licensees.

AMP asserted Mr Palmer had failed numerous internal audits over multiple years, and it had just commenced action to terminate his employment when he tendered his resignation.

But in an ASIC document seen by ifa, senior ASIC executives were happy with Adam’s work at AMP, and noted that clients were happy with the advice and services provided by Mr Palmer.

While record-keeping compliance failures were present, ASIC said Mr Palmer otherwise:

  • identified the client's needs and objectives, the subject matter of the advice, and the relevant information applicable to the subject matter of the advice;
  • provided sound advice, with the products recommended indicating that the clients appear to have been placed into a product that is suited to their needs;
  • the expertise and authority to provide the advice;
  • took steps that would reasonably be regarded as being in the best interests of the client, given the client's circumstances;
  • there does not appear to be client detriment;
  • clients are happy with the advice and services provided by the adviser.

Speaking exclusively to ifa, Dover Financial director Terry McMaster said Mr Palmer “did it by the ASIC book”, including full disclosure in his AMP Financial Services Guide and full disclosure in his AMP statements of advice.

Advertisement
Advertisement

Further, he called Mr Palmer “an excellent financial planner”, and that he’s not alone in his assessment of his record at AMP.

“Senior executives, such as John Weaver, Christopher Newby, Lisa Saunders, Vaughn Claxton and Andrew Davison, agree with me. These guys were happy with Adam’s work at AMP,” Mr McMaster said.

“His AMP clients agree with me. None complained about his advice and, when interrogated by ASIC, his AMP clients stood firmly by him. In fact they were full of praise and thanks.”

More to come.

ASIC gave ex-Dover adviser thumbs up while at AMP
asic logo
ifa logo
Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.