Dover’s McMaster tells his own story
The director of former financial planning dealer group, Dover Financial, Terry McMaster, has written a series of articles defending his position and criticising the actions of the Australian Securities and Investments Commission (ASIC) and the approach of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
McMaster is currently the subject of civil penalty action in the Federal Court of Australia initiated by ASIC as the sole director of Dover in which the regulator has alleged that Dover misled and deceived clients from September 2015, when they commenced using a Client Protection Policy to March 2018 when Dover withdrew the Protection Policy.
In June, Dover was also placed under the terms of an enforceable undertaking to cease operating with ASIC moving to cancel its financial services license, while McMaster was reported to have undertaken to remove himself permanently from the financial services industry.
In an e-mail attaching to a series of articles outlining and defending Dover’s position, McMaster, who is a lawyer, said they were intended to “explore the integrity and motivations of those responsible for selecting and presenting the Royal Commission’s case studies”.
“They also explore the two sets of rules phenomena that dominates ASIC’s treatment of non-institutional AFSL, certainly a topic worth exploring on its own,” his e-mail said.
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