A new Storm brewing
A Victorian-based financial planning firm that is closely associated with the Storm Financial principals still has an operational licence.
The Geelong-based Victorian Families Retirement and Investment Group holds an Australian Financial Services Licence (AFSL) that is still current, according to the Australian Securities and Investments Commission (ASIC) database.
The group has eight authorised representatives, who include Emmanuel Cassimatis, George Cassimatis and Julie Cassimatis, all directors of the failed Storm Financial group in Queensland.
Many of the other authorised representatives also appear to have strong connections with the Queensland dealer group. Peter John Allen gives his address in the ASIC register as 1 Breakfast Creek Road, Newstead, which Money Management understands is Storm’s Brisbane office; Stuart Craig Drummond gives his address as Storm’s head office in Townsville.
Kerry Anne Millar, who is based in Victorian Families’ Geelong office, and Dean Michael Thompson, who is based in Sturt Street, Townsville, are also authorised representatives.
The final Victorian Families authorised representative is Ignite Financial Systems, which has lodged an AFSL licence application with ASIC that is being reviewed by the regulator.
Ignite gives a North Sydney address on the authorised representatives register, yet its recent licence application cites 1 Breakfast Creek Road, Newstead.
Victorian Families holds a full advice licence covering investments, risk products and superannuation, and is allowed to advise both retail and wholesale clients.
Documents suggest the company started in 1994 as a securities dealer trading as a wealth specialist.
Money Management understands it was bought by Storm, which now owns 100 per cent of the company, after which it changed its name to the Victorian Families Retirement and Investment Group.
In March last year there was a change in the office holders to the company lodged with ASIC, but the document is not available for public scrutiny.
Money Management asked ASIC if the regulator was looking at Victorian Families in light of its close connection with Storm, but it did not respond before our deadline.
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