In Dover’s submission to the interim report of the royal commission, Mr McMaster referred to the report as “full of deliberate misstatements”.
“It could be you, your staff, and/or ASIC. It does not matter. Your report is full of deliberate misstatements. The intention is obvious – to help ASIC build a false narrative on Dover,” he said.
Mr McMaster referred to the royal commission’s cross-examination as “a misleading ASIC set up” that was allowed to happen under the watch of commissioner Kenneth Hayne.
He then called ASIC’s set up “a malicious misuse of power” that was part of its strategy to force Dover to cease advice, off-board advisers and cancel its licence.
Further, Mr McMaster accused the royal commission of deliberately suppressing evidence about Dover to assist ASIC’s “commercial goal of shutting Dover down”.
“If this was deliberate you should be ashamed. If it was not deliberate you should be embarrassed. In either case, a public apology is appropriate,” Mr McMaster said.
“I am compelled to remember a mentor who advised me if you ever make a mistake the best thing to do is to admit it and correct it as soon as you can. I pass on her advice on to you.
“Please amend your interim report appropriately as soon as possible.”
Advisers Adam Palmer and Andrew Smith
Mr McMaster pointed to ASIC documents regarding advisers Adam Palmer and Andrew Smith, which he believed the Hayne commission has been suppressing to support the false narrative on Dover.
He said both documents completely change ASIC’s Dover narrative, and “refute virtually every criticism in the interim report”.
“These ASIC documents show both advisers gave good advice at Dover, and that Dover’s new adviser recruitment policies were compliant and effective,” Mr McMaster said.
“They show ASIC knew Dover’s compliance processes, including its adviser recruitment processes and SOA review processes, worked beautifully. They refute virtually every criticism in the interim report.
“The royal commission and ASIC deliberately suppressed relevant evidence that, if not suppressed, told a completely different story about Dover’s compliance processes.”
Dover’s Client Protection Policy
Another example cited by Mr McMaster as evidence of the royal commission suppressing evidence was in the case of Dover’s Client Protection Policy (CPP), a matter he said was “not in the Dover rubric and therefore an ambush”.
He said the royal commission didn’t disclose that, during 2016 and 2017, Dover provided hundreds of SOAs to ASIC for review, of which most included the CPP.
“ASIC reviewed these SOAs and advised Dover they complied with the best interest duty and other relevant tests, and there would be no further action,” Mr McMaster said.
“ASIC did not express any concerns with the CPP, although it had countless opportunities to do so. Dover repeatedly asked for compliance feedback but none was provided.”
More to come.
[quote=Anonymous]Just remember why McMaster was at the Royal Commission. He was under summons to appear. Does that not send the send the red flags up. These more to this[/quote] The reasons have been made public by ASIC and the RC. All of which were unfair on Dover, its ARs and most importantly their clients. If you know more than what has been released publicly then speak up or shut up.
[quote=Glenn L]If you think Terry is going away, you don’t know him at all. Initially, it was only the AR’s under his license that got battered regularly (every Friday reflection time). Then that extended to paid columns on this publication. now he’s on to the whole of the world. TV media you name it.
we might as well just give up, there isn’t stopping him anymore. he will keep going as he is a neurotic person.
Just remember why McMaster was at the Royal Commission. He was under summons to appear. Does that not send the send the red flags up. These more to this
Terry please we can’t take your lectures anymore.[/quote]
Well the next few months will be interesting for Terry McMaster as count dates are set and he will have to appear and tell the truth.
He might develop narcolepsy
If you think Terry is going away, you don’t know him at all. Initially, it was only the AR’s under his license that got battered regularly (every Friday reflection time). Then that extended to paid columns on this publication. now he’s on to the whole of the world. TV media you name it.
we might as well just give up, there isn’t stopping him anymore. he will keep going as he is a neurotic person.
Terry please we can’t take your lectures anymore.
How most people will remember:
RC “I have some questions”
TM “Ambush!”
RC “Well please use this opportunity to speak”
TM *hits the deck*
RC “Call the paramedics!”
TM *wheeled out grinning* “hehehe”
Later…
TM “Conspiracy!”
Public “0 Credibility!”
he did apologize afterwards while he was being wheeled off by the paramedics, he said, “my apologies”
terry is good for a laugh, keep going terry, be like Jerry
https://www.youtube.com/watch?v=S_roNnc5KEc
ha ha i love it.
for once he is spot on. even the banks and aligned dealer groups were misrepresented in many cases by the media and this publication too.
This is just the tip of the iceberg for McMaster. He better get use to being put on the stand and question about his crooked ways and how he has ripped people off.
Good to see you back Bill! President of the Terry McMaster hate club! You should try and stick to the facts when you make your spiteful comments. Go post them somewhere else.
Crawl back under your rock Bill….
How has he bill – tell us all you know please.
Where? When? Proof?
On what basis are you making these broad brush, unsubstantiated, defamatory statements?
It’s about time you told the truth Terry. It’s going to come out.
Bill – we are still waiting. Please tell us all what you know – or are you just a child bully from school? Come on, step up and make good your claims.
People only have to look at the various court lists and see for themselves
This is true. I have seen them also.
The Court lists, that is (couldn’t edit my comment above). I’m not commenting on Bill’s comment, just saying those legal matters are a matter of public record.
please tell us plainly and tell us all the truth. this forum is for that, telling it like it is and abusing each other anonymously, i love it at least the ideas get refined
what court lists? which court? Victorian supreme court?
Bill – hello – something specific please. Do you work for ASIC (I use the word work loosely).
To be fair, one can’t draw conclusions or make assumptions just because a person’s name appears on a court list. People get into disputes over all sorts of things all the time and Courts are required to publish this info.
Keep up the dialogue Terry. I support you
Just because the assistant commissionner says the CPP was ‘Orwellian’ doesn’t mean that is the case. What does ‘Orwellian’ mean anyway? It is just rubbish hyperbole which makes great headlines, is then treated in the media as a fact, and had no opportunity for anyone to challenge the claim.
Good point! Mark Costello stated that the CPP was ‘Orwellian’ and then accused Terry McMaster of lying. Interestingly the RC Interim Report doesn’t use the word ‘Orwellian’ when describing the CPP. They introduce the word ‘may’, multiple times…. As in “Dover’s Client Protection Policy ‘may’ have been misleading”…. etc.
It’s a far-cry from Mark Costello emphatically describing the document as ‘Orwellian’ and then calling the witness a liar. Did anyone notice that whenever Terry did try and explain himself, or if what he was saying made sense, he was conveniently cut-off?
‘Orwellian’ comes from George Orwell and his book 1984…. I agree, pure hyperbole…. and then some!
Mark Costello should be out chasing ambulances….. leave the Royal Commission work to people with some kind of moral compass.
You misunderstand the distinction between a Royal Commission and a Court. A Royal Commission’s role is to inquire and make recommendations to Government which are non-binding. A Royal Commission doesn’t have the capacity to find anyone guilty of an offence or to make orders for compensation or impose penalties. Courts adjudicate contests between parties to legal action.
“Mr McMaster, I put it to you it is Orwellian to describe this as a client protection policy?—I agree with that. And this, of course, has been changed.” (Royal Commission transcript 26 April 2018 p1895).
Whether you know or care what “Orwellian” means, it is a fact that this is what was said. He was asked a question and he answered it.
Every day people hate it when we use big words they don’t understand yet it is okay for this pencil necked lawyer to use it. No wonder most professional industries are stuffed.
Unfortunately too many in the media and both sides of politics as well as an unsuspecting public think that a RC is like a proper trial. that follows due process of discovery, evidence, proof. Its a showcase for grievances and case studies used to make recommendations to govt and ultimately its agencies. Not one witness was called to give evidence on what is best practice, no one can be called as a witness in “defence”. Witnesses are not charged beforehand with anything but as far as many are concerned 3 hours, even 30 minutes on the box is enough to condemn an individual, a bank, a whole industry.
Main thing achieved is that politicians can say “look I did something” . And we all know tha cheaper more accessible financial advice is nowhere near the agenda of a Commissioner, Barrister, Politician or even most industry participants.
hey everyone Sam Henderson is now a real estate salesperson yay go sam
Sam is a financial adviser
Sam is grilled in the commission
Sam is not narcissistic and moves on with life and doesn’t cause a fuss
Sam is Smart
Be like Sam
sam [u]was[/u] a financial adviser, and a terrible one at that, he advised a client to move their super which would have cost her $500k, great model he is. i’m sure he will do wonders selling off the plan apartments
In the middle of a glut and downturn
go sam
Sam is a former CFP.
Sam is a former host of FPA conference.
Sam is centre of certain accusations made by the Royal Commisison in regards to the FPA. conflict.
Sam is a party in the FPA taking 12 months to handle a complaint in returned for promised media appearances.
Yet FPA have not made a response and members are quite complicit and silent in all this?
what about the 5,000 members of the FPA who sit silently and idly on the sidelines, continuing to pay their membership fees to this organisation despite knowing all of the above
[i]Fool me once, shame on you; fool me twice, shame on me[/i]
For many it is a work requirement to be an FPA member
Just like an onsite safety permission slip for tradies
he’s not smart.
sam is dumb, that’s why he became a real estate salesperson, he couldn’t have timed it better, just as the housing bubble implodes.
Terry you need to run as an independent in black rock. you will be elected and then you can become minister for financial services and then president of australia. go terry go. do not give up even though you are being persecuted
Umm.. people have to actually LIKE you to receive votes. Public opinion is not on your side I’m afraid.
Unless you can corrupt the electoral system too.
i don’t believe mr magoo ever had a mentor. he is a know it all. i have met him. worst meeting of my life. surprise he did not start lecturing kenneth hayne while on the stand, on the law or his interpretation of it, he is so fit why did he faint maybe it was a salim mehajer trick
I love this forum. it’s a great place to come and read the comments and laugh out loud. everyone abuses each other anonymously it’s hilarious.
this is a really great stress reliever, i get some great laughs
“public apology is appropriate,” “Please amend your interim report appropriately as soon as possible” Mr McMaster said.
you gotta give it to the guy, does not stay down, has balls. reminds me of the song from chumbawamba, tubthumper
[i]I get knocked down, but I get up again
You are never gonna keep me down[/i]
He drinks a Whiskey drink,
He drinks a Vodka drink,
He doesn’t prepare enough,
He faints and makes a fuss
i love it. its great to see my dear friends and colleagues have a sense of humor.
have a great week-end everyone and keep posting funnies.
You have not read the facts
Unfortunately I’ve read too much
of McMasters’ own hyperbole and Fake Facts. (Yawn) Nothing new. No one cares. He has no chance of avoiding the catastrophic collision course he’s on.
Based on what?
what collision with whom, please stop speaking in parables
terry, you have to come back matey. please come back and defend your title as the most generous licensee and responsible manager who gave a lifeline to hopeless yet determined people, who couldn’t pay $20k pa in licensee fees, who are now sadly unemployed forevermore and suing you instead.
for god sake, come back… 30 pumps blow, 30 pumps blow, i’m trying to resuscitate
It was clear from the start of the Royal Commission that the outcomes had been pre-determined and the questioning was deliberately pointed in many of the cases to back those outcomes. Their may be some big question marks over Terry McMaster and Dover, however Kenneth Hayne along with counsel assisting have some bigger question marks…!
Everybody knows that Dover was the place to go when you had compliance issues with other dealer group. Dover would take anyone who was willing to pay the fee. You can talk about your ‘effective’ recruitment policy – but we all know reality is different.
I watched Terry live and saw the QC rip apart Terry’s ironclad and robust compliance monitoring that whilst I wouldn’t call extremely poor, was extremely overstated!!
Terry you approached this all wrong and clashed with the regulator and are now suffering the consequences. You had the wrong attitude coming into the whole thing. You made yourself out to be an saviour of an industry and an angel in your submission to the RC. What did you expect?
Now please sit in your corner quietly.
Having been an adviser with Dover for the last five years they were an Excellent Dealer group with fantastic compliance, do yourself a favour and don’t put rubbish on this forum when you have no basis of fact. also have the intestinal fortitude ( guts) to put your name next to a comment instead of hiding in anonymity
Says he who remains anonymous 🙂
Says the bloke who calls himself Steve, very transparent
Get back to your twitter account..
My name is Rod Magill it was on the comment when i posted it apologies
About time someone had the guts to openly accuse ASIC and Hayne of what is plain fact. They are either corrupt or inept. Hayne was fed deliberately select information with many blaring omissions and potential untruths, that for all his vaunted reputation and supposed intellect, he failed miserably to see and was either played for a doddering old fool or else was complicit.
We’re an IFA with no allegiance with a bank or Dover, but the utter lack of accountability in both ASIC’s approach to regulating and the Royal Commission is terrifying. And no, before anyone accuses us of grandfathered commission vested interests, we have negligible and are actively disengaging from these few.
If the supposed watchdog is willing to do deals with nil consistency with banks, ISA and anyone else it chooses, but then persecutes individual planners or AFSL’s that they may simply dislike or their staff (who largely have never been in financial services, let alone been on the side of advice provision) are left to indiscriminately make judgement calls without reference to set precedence, then it is little more than a kangaroo court, or in other words, flawed and open to corruption for self interests.
One of the better comments here; nicely put.
How’s Terry going refunding all the license fees he took from licensees when he knew full well he was going to shut up shop?
You should know your facts. According to ASIC’s website, they told Dover they were going to close them on 18 May. after negotiation, Dover announced its closure on June 8. I hope your planning advice is better informed than your opinion here. By the way: Dover was the licencee. That’s how the system works. How are you going tying your own shoelaces?
Got the facts straight from a (non too happy) Dover adviser. Fees paid to Terry to use the Dover license by more than one adviser for the next year. Paid mere weeks before Terry pulled the pin. Even if you give Terry the benefit of the doubt on the timing why hasn’t the money been returned? NNTR
So, anonymous ‘knows a bloke.’ Mate, open your eyes: Dover did not pull a pin. ASIC did. It’s on their website.
Empty Kettle, Leaking Kettle, who cares. As long as McMaster is in hot water that’s good.
Whatever Dover alledgedly failed to do it pales into insignificance compared to the antics of large institutions all of who whom have only received a little slap on the wrist and still have their licence and all their advisers cranking along in their systemically conflicted vertical model. The attack on Dover by ASIC should be a matter for ICAC.
ASIC must be disbanded and Shipton sacked. The whole Dover case is riddled with half truths to suit ASIC. The prosecutors at the RC should be ashamed of their performance in showing only half the facts. This has already cost many people their business, their mental health, their income, their future and soon it will be a life and all for a vendetta on ASIC’s behalf to bring down Terry and Dover. How Kell and Shipton can sleep at night is beyond me whilst the BIG4 banks and AMP just keep rolling on and say sorry.
Half the facts!? The entire RC circus has been based on a mere handful of ‘case studies’ in the face of hundreds of thousands of positive stories from all corners of the industry that have been ignored and suppressed.
There is wicked design behind all of this.
Why are we still listening to this guy?! He had his day on the stand to mount his defense and look how that turned out.
Time to go quietly into the night Terry and let others try and recover the mess you enacted!
Don’t be a buffoon, or is it a mewling sheep willing to toe the ASIC line all the way to the abattoir?
He didn’t attend the Royal Commission to defend himself. He attended the Royal Commission to answer questions about Dover’s recruitment processes. Unfortunately, during the course of the interrogation, he was accused of being ‘Orwellian’ and a liar. He had his reputation trashed and his business destroyed.
Sorry, what mess was enacted? You must be referring to the banks?? Yep – they created havoc. One billion in losses and counting!!!! I’m with you, that’s a big bloody mess to enact!!!
As far as I know, they are yet to find a client of Dover who suffered financial loss. Oh well, the search continues….
Cheers Pal – keep up the trolling 🙂
He trashed his own reputation the minute he/Dover decided not to respond to the commissioners submission – the only business not to respond, wonder why!
I love how because you don’t agree with my statement, i am a troll! Nice one Pal!
I’ll step in here… What mess was enacted by Dover? I haven’t seen too many clients of Dover claiming financial loss. None in fact.
The banks and financial institutions have been responsible for ‘enacting mess’.
Dover never had to worry about compensating clients for financial loss…unlike the banks. You should be having a go at them instead.
You’ve clearly got your head in the sand, I have seen the carnage left behind by Dover Advisers, when they go they go hard don’t worry about that
he is orwellian and a liar……..He destroyed himself publicly, and 400 advisers. Why does he keep spouting off?? It’s like a bad smell that wont go away.
Placing limitations on the coercive powers of a RC would defeat the purpose of the inquiry, hence why they don’t have to disclose how or when they will act or give a list of questions they intend to ask to witnesses. If you’re a witness, you should be prepared to answer any question that falls within the terms of reference of the inquiry – it’s designed to be broad and uninhibited to elicit information after all….
Bravo “The Scot” – Terry was dusted the moment he hit the floor…..He needs to disappear into the night, hold on he can’t !! The class action ……Couldn’t have happened to a better person.
I stopped listening to Terry McMaster when he took a fall on stand!! He’s an annoying fly that needs to be swatted…..
Let me guess, ASIC or ISA stooge? Or just blissfully ignorant that it could happen to you and your business?
I’ve dealt with McMaster personally, what a narcissist fool. It’s good to see him making a fool of himself once again…..I true legacy!!
this time he is going all the way. wish he’d get some help, oh well, might as well go down fighting
Well I would never tell clients to get out of a defined benefits scheme and move to a DIY SMSF for what reason ?? more fees . Wake up Dover , you would have cost her thousands if she took up your advice and moved . ASIc need to check all Defined benefit monies now if they have been rolled over to see if it fits the best interests of the client and not that of the adviser !!!
Where was Dover accused of this sort of poor advice?
Mate that story was about Sam Henderson not Dover!
Well done Anonymous. You have revealed yourself as a TROLL of the highest order who has absolutely NO idea what’s going on. FYI – the adviser who recommended that the client roll over her DBS to a SMSF was actually Mr S Henderson who had ZERO connection with Dover (he had his own licence Henderson Maxwell). So I suggest that you take that little pill and go and have a lie down and leave the intelligent discussions to the adults on this forum.
Hear Hear!
He made himself the ‘fall’ guy.
Keep it coming Terry!
Where’s the popcorn, this is getting interesting
This story gets murkier and murkier. It should be troubling for anyone working in the financial services industry. If it could happen to Dover, it could happen to you.
Dover’s famous CPP…. The same CPP which caused clients exactly $0 in losses. Good enough reason to close Dover down and leave 400 advisers without a home… Meanwhile how much money are the institutions refunding to clients? Have we passed 1 billion dollars yet? Not to worry, business as usual at the banks….. ASIC simply cannot defend this decision. Disgraceful!
I always suspected the system was corrupt. This proves it.
Keep up the good work IFA.
Good to see Terry up and about again. He must be feeling a bit better now.
So let me get this right, the “regulator” has deliberately snuffed out one of the biggest AFSL not aligned to a bank along with the help of the RC????
Looks like we need a Royal Commission into the Royal Commission!!!!
It’s all a huge conspiracy…. 🙄
Let me guess, you’re one of the blissfully unaware that think ASIC is your friend and is working solely with the public good in mind? Wake up sonny, zip up that fly, your naivety is showing.
So is your tin foil hat. Do they allow hats in the Federal Court?
Wake up sonny? Like you did while being wheeled out on a stretcher?