media release (15-276MR)

ASIC writes to Sherwin Group clients about Bank of Queensland and DDH Graham Limited investigation

Published

ASIC has written to the clients of Sherwin Financial Planners Pty Ltd (Sherwin) and DIY Superannuation Services Pty Ltd (DIY Super), advising of its concerns in relation to 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.

ASIC is aware that some former Sherwin clients have formed a group to provide support and share information between investors known asthe Superannuation Crisis Support Group (SCSG). The SCSG can be contacted via scsgroup300@gmail.com.

ASIC has no connection with and does not endorse any supporter group.

Background

For more information refer to ASIC's key matters page

Media enquiries: Contact ASIC Media Unit