FPA probes Westpoint advice
Nearly 20 dealer groups are under investigation by the Financial Planning Association (FPA) for allegedly giving clients bad advice involving the Westpoint property group.
More than 12 months after the $300 million collapse of Westpoint, the FPA is investigating 18 financial planners after receiving 48 complaints against members – 10 of which have since been withdrawn.
But FPA CEO Jo-Anne Bloch says investigations could take years to complete.
Meanwhile, law firm Slater & Gordon has launched a $9.5 million class action on behalf of 82 investors against Masu Financial Management and Quantum Securities, with the latter denying it gave any advice relating to Westpoint.
Slater & Gordon is simultaneously hunting three other financial planning groups, including Professional Investment Services.
More than 12 months after the $300 million collapse of Westpoint, the FPA is investigating 18 financial planners after receiving 48 complaints against members – 10 of which have since been withdrawn.
But FPA CEO Jo-Anne Bloch says investigations could take years to complete.
Meanwhile, law firm Slater & Gordon has launched a $9.5 million class action on behalf of 82 investors against Masu Financial Management and Quantum Securities, with the latter denying it gave any advice relating to Westpoint.
Slater & Gordon is simultaneously hunting three other financial planning groups, including Professional Investment Services.