The Italian fund manager-backed AZNGA network of financial advice firms has launched a review into misconduct aired at the royal commission relating to its Henderson Maxwell subsidiary.
AZNGA acquired Henderson Maxwell in December, making it the 42nd Australian financial advice business purchased by the aggregator since launching in Australia in 2015.
The firm came under scrutiny during the second round of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry over advice provided to former client and Fair Work Commissioner Donna McKenna.
The commission heard that a Henderson Maxwell staff had impersonated Ms McKenna without permission in correspondence with a product provider, that the firm had an inaccurate financial services guide, and that chief executive Sam Henderson had provided a misleading assessment of his personal credentials, among other evidence.
In a statement to InvestorDaily sister title ifa, an AZNGA spokesperson confirmed that a review of the conduct uncovered during the testimony of Henderson Maxwell chief executive Sam Henderson is underway.
“We take the royal commission evidence related to Henderson Maxwell extremely seriously,” the spokesperson said.
“Henderson Maxwell clients are our first priority during this period and we will continue to service them. An internal review is in progress and we will be updating clients at its completion.
“Given the royal commission is still in progress, at this stage it is not appropriate to comment on Sam Henderson.”
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