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:
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.
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.
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].
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