The FPA is continuing with its enquiries into the involvement of financial planning firms with troubled financial services firm Astarra Asset Management (Astarra).
“We do have open enquiries in that space. As a consequence I’m unable to disclose any details about them,” FPA acting chief executive Deen Sanders said.
“But we certainly do have open enquiries going on into those issues.”
In January this year, Sanders said the association had begun its own lines of enquiry into Astarra.
“We are aware of the Astarra issue and have our own enquiries underway in relation to that,” Sanders said at the time.
“There are a number of firms that have identified that they may have some small exposure, but at this stage of the game it’s too early to discuss any details in relation to that.”
ASIC sent letters and telephoned a number of dealer groups over their links to Astarra.
It is understood the concerns surround the firm’s involvement with commissions or incentive payments from Astarra to dealer groups.
Last month, Seagrims managing director Peter Seagrim initiated a class action against parties connected to an Astarra-linked group, namely Trio Capital.
Seagrim said the Astarra Recovery Group had been set up to pursue a class action against any party connected with Trio and was in talks with law firm Macpherson & Kelley.
RMG Partners Business Solutions was appointed liquidator to Astarra Asset Management Pty Limited, formerly known as Absolute Alpha Pty Limited, on 22 December 2009.
