Expert insights ASIC approaches Sherwin Group clients about Bank of Queensland and DDH Graham Limited transactions investigation
ASIC approaches Sherwin Group clients about Bank of Queensland and DDH Graham Limited transactions investigation
Michael CrawfordDecember 7, 2020
ASIC has approached clients of Sherwin Financial Planners Pty Ltd (Sherwin) and DIY Superannuation Services Pty Ltd (DIY Super) regarding its concerns over the processing of transactions on Money Market Deposit Accounts (Money Market Accounts) that were held by the clients with BOQ (Sherwin Group clients).
The Money Market Accounts were managed by the BOQ’s agent, DDH Graham.
ASIC's letter informs the Sherwin Group clients that:
- ASIC has commenced an investigation into the operation of the Money Market Accounts held by Sherwin Group clients, which relates to whether BOQ or DDH Graham may have processed transactions when they should not have.
- There are steps they may wish to take as soon as possible if they have suffered financial loss and may have a claim for compensation.
- If they do have a claim time limitations will apply to that claim, and they may need to take prompt steps to ensure any claim is brought in time.
ASIC’s investigation in relation to the BOQ and DDH Graham is ongoing.
Sherwin Financial Planners was placed into administration in January 2013 and liquidation in February 2013.
The companies collapsed owing more than $30 million to clients of Sherwin Financial Planners.
Michael Crawford
Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.