Adviser collapses at bank royal commission


A financial adviser has collapsed on the bank's royal commission after being accused of lying.

Dover Financial Services Owner Terry McMaster had evidence for the Commission for more than two hours when he began to experience problems.

Commissioner Kenneth Hayne QC immediately demanded that he received help and triple-zero was called before the clearing of the hearing.

Paramedics assessed Mr. McMaster in the Melbourne courtroom before taking him off on a stretcher for a waiting ambulance.

The dramatic development came after advising Commissioner Mark Costello accused Mr McMaster of lying at the hearing on Thursday.

Costello had asked a number of questions about Dover's customer safety policy.

"I tell you, it's Orwellian to describe this as a client protection policy," Costello said.

McMaster, one of the three responsible executives of Dover, said: "I agree with that, and of course it has changed."

Costello: "It's totally misleading to describe this as a client protection policy."

McMaster: "In fact, it was not meant to be misleading. That kind of evolved."

Mr Costello continued to ask what protection policy gave the customer.

Mr. McMaster said, "I agree with it. It's a malformation."

He said that there were other aspects of the document that were very beneficial to the client.

Mr. Costello said, "I have to say to you that the way you just described the policy is simply untrue."

Mr. McMaster said he rejected it.

"By this rejection, I have certainly understood and regretted the use of the word" protection. "It has of course been changed."

Mr Costello asked further questions when he noticed that McMaster was in trouble that the hearing should be stopped.



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