1. ASIC Notice APRIL 2018
ASIC Notice April 2018
In the period to 1 April 2018 Dover incorporated a document known as the Dover Client Protection Policy into its financial services guides and its statements of advice.
On 22 March 2018 Dover was notified by ASIC that it had reviewed the Dover Client Protection Policy and believed it contained certain provisions which were unlawful and void.
Dover does not know of any client adversely effected by those provisions.
In good faith Dover cooperated with ASIC and immediately withdrew the Dover Client Protection Policy and replaced it with the Dover Client Information Policy, with retrospective effect, and undertook to not rely on the relevant provisions.
Dover also wrote to each client potentially affected by those provisions.
ASIC requires Dover to display a copy of this client notice prominently on the home page of its website for 60 days from Friday 13 April 2018.
This notice is displayed below.
Should you be concerned by this notice or have any questions as to its possible application please contact Terry McMaster on email@example.com.
Notice to affected clients
I am writing to you regarding advice previously provided by Dover.
This advice included materials incorporated into the advice by a hyper-text link known as the Dover Client Protection Policy (the “Protection Policy”).
The Protection Policy has been withdrawn and replaced by the Dover Client Information Policy, with retrospective effect.
The Protection Policy was deceptive because it contained certain provisions the effect of which were to avoid liability to compensate clients for any loss resulting from the advice provided.
Dover does not and will not rely on these clauses in any dispute because they are unlawful and are voided by the financial services law and the general law.
If you consider the advice provided to you has resulted in a financial loss you should seek independent legal advice or lodge a complaint with the Credit Industry Ombudsman and you should disregard the Protection Policy.
Please do not hesitate to contact me should you require further information about this matter.
2. Dover Client Information Policy
The Dover Client Information Policy is a unique communication in every Dover financial services guide and statement of advice.
It incorporates certain extra information required under the Corporations Act and various related regulations.
It helps clients understand the advice process, including their obligation to be active in the client adviser relationship, to cooperate with their adviser and to observe all relevant laws such as their obligation to act in the utmost good faith and make full and complete disclosures when dealing with life insurers and similar organizations.
It is an important base for the adviser-client relationship and sets out the ethical and professional conduct expected of financial planner acting in the best interests of the client and otherwise meeting the standards expected of the financial planning profession.
You can read it here: The Dover Client Information Policy.