Financial Planning group WealthSure has terminated more than 100 authorised representatives as it
enters an enforceable undertaking (EU) with ASIC.
Following the mass sacking Wealthsure will undertake a full reform of its business and is currently in discussions with ASIC over poor compliance and failure to monitor advisers’ actions that has seen the company forced to install a new chief executive. ASIC has accepted an EU from the group’s former chief executive and current managing director, Darren
Pawski, with Former Plan B executive David Newman officially appointed as the managing director.
The troubled group which has recently seen one of their former advisers plead guilty to 22 criminal charges has said of the recent dismissals that, “it looks to focus on its remaining 230-strong core of loyal and quality advisers” and managing director David Newman has played down media speculation about the company’s solvency. He also refuted recent media speculation that the group was in danger of entering administration and said that, “if ASIC had concerns over WealthSure’s financial viability, it would not be pressing on with the EU.”
Part of the reforms will include development of an Adviser Academy to help advisers improve the quality of their advice and external training to its compliance staff and Newman has said that the company’s goal was to become a “highly respected
non-aligned dealer group.”