News broke on late Friday 8th of June as published by ifa magazine and riskinfo on Saturday the 9th that Dover Financial Advisers is to cease advice operations virtually immediately.
Terry McMasters sent an email to Authorised Representatives telling them that no advice or service is to be provided after the 8th of June and the company is to cease operations as an AFSL on 6 July 2018.
ifa magazine also reported that Terry MacMasters had said in the email that
“Dover’s authorised representatives may implement advice in the period to 6 July 2018 provided the instructions were received from their clients on or before 8 June 2018”
and confirmed that an AFSL is to shut down
“Following an agreement reached with ASIC earlier this week, I am writing to inform you that Dover Financial Advisers Pty Ltd will cease to operate as an AFSL,” the email said.
This means that DOVER Advisers will be looking for another AFSL so that they can continue in business, provide advice and service their clients.
Our thoughts are with DOVER Advisers and their clients.
We will be writing our DOVER Adviser clients outlining the arrangements we are putting in place to ease the transition to their new Licensees.
The LifeRisk Online team.