In a statement, AIOFP executive director Peter Johnston announced Mr Daly had resigned “with immediate effect” following the Federal Court’s decision to place the assets of Linchpin Capital, of which Mr Daly is a director, into receivership.
“Peter believes the fallout from the Linchpin failure has unfortunately rendered his position untenable,” Mr Johnston said.
“As he has constantly done over the past 8 years, the AIOFP and its members best interests have always come first.”
Mr Johnston added that the Linchpin failure “has no ramifications for any other member practice”.
“The AIOFP Board will be meeting shortly to appoint a replacement for Peter and a new Chair,” he said.
just listened to the interview , Daly should be prison, he justifies his spending of the investor’s money like its not a big deal. He was being paid 350K a year yet felt obliged to dip into other people’s money.
I worked with Peter at AFS, the bloke is a criminal, he’s been behaving like this for years. The industry needs to weed out these types of people. I hope he goes to jail. I feel for the poor investors of Linchpin that have had their retirement savings stolen.
The Chair of the AOIFP seems intent on further lowering the reputation of financial planners in the community’s eyes. Seems FASEA can only get tougher whilst these types of things go on. This behavior is to blame for the overreach of FASEA as it seeks to stamp it out. Thanks Linchpin, Beacon and AOIFP.
My view would be ASIC has started with Mr Daly, but not concluded the matter.
Spots never change Liquidated AFS limited in house fund to benefit old Zurich advisers trouble was higher fees for clients. Linchpin same – suppose people will see the light with a Beacon eventually.
Daly is and always has been a person this industry does not need or want.
At what point does the spotlight fall on the master fund owned and promoted by aiofp members? Different to AMP? Recommended in most cases? Clients best interests being met?
We sold it years ago around the time of fofa. get your facts straight
Full marks to Aleks for having the guts to feature this story from a key sponsor. Well done Aleks!
I wrote a prior post on here about how he also was in charge of another failed AFSL, the AFS, but it never appeared in print so perhaps the sponsor conflict does have some bearing.
And the AIOFP holds itself up as a beacon of independence? (no pun intended). Yeah, right.
So what is your point? Or was your post all about the pun?