AIOFP’s Johnston retracts Challenger claims
The executive director of the Association of Independently Owned Financial Planners (AIOFP), Peter Johnston, has retracted a number of statements relating to the Challenger Financial Services Group with respect to a class action covering the Challenger Howard Property Trust — Penrith Homemaker Centre.
In a letter sent to Challenger last week, Johnston acknowledged that his reported statements suggesting Challenger did not fulfil the requirements of the Product Disclosure Statement for Penrith Trust, had acted negligently in relation to the trust and that the trust suffered from bad management of an underlying property, over-gearing and negligent valuations were false.
Challenger chief executive Mike Tilley said his company had received the letter containing Johnston’s retraction and correction this week.
He said Challenger had gone to the AIOFP pointing out the errors and disappointment at the currency that the claims had generated, which had the potential to unjustly damage Challenger’s reputation.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
