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Spicers goes to court to get adviser client files

Spicers has won a battle to get client files from a former franchisee who had decided to relinquish its relationship with the AMP-owned firm.

Thursday, February 12th 2015, 7:04AM 1 Comment

Last year Alexandra-based Wilmac Financial Services decided end its relationship with Spicers.

Spicers claimed that Wilmac had refused to hand over the client records, and was in breach of its agreements with the company.

The firm sought an urgent ex parte injunction in the High Court in Dunedin to recover the client files held by Wilmac.

It told the court that Wilmac was “converting Spicers’ property to their use."

Wilmac which is run by Brent Wilson and Hugh McIntyre, had indicated to Spicers it wouldn’t return the files. Wilson deregistered as an adviser in 2010 and then re-registered with a new FSPR number which says he is an AFA with Forsyth Barr in Queenstown. McIntryre deregistered as an adviser in 2012.

In his judgment Justice Christian Whata indicated that the Wilmac advisers were worried about their obligations to clients under the financial adviser regulations.

“Mr Wilson needed satisfying that Spicers would hold the record in accordance with relevant rules and regulations.”

He also went on to record: “I can see that the defendants have concerns about their regulatory obligations to the clients subject to the SNA Agreement and appear to have a commercial claim that they seek to have resolved prior to the transfer of client files.”

Neither Hugh McIntryre from WIlmac or AMP were prepared to comment on the matter.

AMP would only say in a statement: "We can confirm we have settled the court action initiated against Wilmac Financial Services and that client files have been returned to us.  As the matter has been settled we are unable to comment any further.  

"There are other matters outside of the court action that the parties are continuing to work to resolve".

Tags: Financial Advisers Act regulation Spicers

« AMP move may cause market ripplesIFA working on pro-bono offering »

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Comments from our readers

On 13 February 2015 at 9:15 pm Brent Wilson said:
There is a factual inaccuracy in this article regarding my FSPR number. Due to an administrative error I received two FSPR numbers. FSPR41143 was registered on 2/12/2010. FSPR52023 was registered 12 days later on 14/12/2010. This error was discovered & rectified on 1/12/2011 when FSPR 41143 was de registered. My FSPR number 52023 has been continuously registered & updated when the 3 months termination notice I provided was fulfilled.

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