Spring FG denies link to banned planner
Publicly-listed financial services firm, Spring FG has denied assertions by the Australian Securities and Investments Commission (ASIC) about its involvement with a banned financial planner.
The company has issued a statement seeking to distance itself from ASIC's permanent banning of the former planner, Nicholas Hunter.
The statement said media coverage resulting from the ASIC release, distributed on Thursday, had implied or stated that Hunter was an employee of Spring FG subsidiary, Spring Financial Group Pty Ltd.
It said this was not the case and that "Hunter was never employed by Spring FG nor any subsidiary".
"At no stage was Hunter involved in the operation or conduct of any Spring FG business nor did he have any dealings with its clients," the Spring FG statement said.
"Nick Hunter was an employee of and representative of an independent firm Murphy Dawson Partners."
"For a limited period from May 2011 to May 2012. Murphy Dawson held a corporate authorised representative arrangement with Spring Financial. Spring Financial unilaterally terminated that arrangement more than three years' ago over concerns it held as to the conduct of Murphy Dawson.
The statement ended on the note that "Spring FG welcomes the banning order against Hunter".
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.
