Terry McMaster

The shutdown of Dover Financial -- which the Australian Securities and Investments Commission (ASIC) would eventually have done but was pre-empted by managing director Terry McMaster (he of the collapse in the witness box at the royal commission) -- has been a long time coming.

McMaster was being questioned about Dover's "Orwellian" client protection policy, which was actually about protecting Dover Financial by cutting adrift any advisers who failed to research products properly, when he collapsed at the royal commission. But he'd also come under fire for threatening complainants with defamation suits and Dover's willingness to take on financial advisers who had previously engaged in misconduct with other licensees.