Financial services company Spring FG Limited (Spring FG, ASX: SFL) notes a release by ASIC today, which has resulted in media coverage that contains seriously incorrect information and implications.
The release headed “Former financial advisor permanently banned from financial services industry” refers to a permanent banning order against the individual Nicholas Hunter (Hunter).
Resulting media coverage has implied or stated that Hunter was an employee of Spring FG subsidiary Spring Financial Group Pty Ltd (Spring Financial).
Spring FG corrects the record as follows:
Contrary to incorrect media reports Hunter was never employed by Spring FG nor any subsidiary.
At no stage was Hunter involved in the operation or conduct of any Spring FG business nor did he have any dealings with its clients.
Nick Hunter was an employee of and representative of an independent firm Murphy Dawson Partners.
For a limited period from May 2011 to May 2012 Murphy Dawson held a corporate authorised representative arrangement with Spring Financial.
Spring Financial unilaterally terminated that arrangement more than 3 years ago over concerns it held as to the conduct of Murphy Dawson.
Spring FG welcomes the banning order against Hunter.
Source: Spring FG
