Westpoint investigation to take years
Westpoint administrator PBB has predicted it will take years to complete its investigations into the failed developer.
PPB also confirmed that about 90 associated companies could be pulled down with Westpoint, but could not put a figure on how much investors may have lost.
The Perth-based Westpoint Corporation was wound up in the Federal Court last week on grounds of insolvency.
Law firm Slater and Gordon is expected to launch court action — bankrolled by IMF — against a number of dealer groups and individual financial planners associated with Westpoint within the next fortnight.
Slater and Gordon lawyer Joanne Rees said any action by individuals against Westpoint or financial planner groups who recommended Westpoint products would not take as long PBB’s investigations.
“The actions for investors can take place a lot more promptly than criminal or civil actions taken by regulators,” Rees said.
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.