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Adviser collapses at bank royal commission

 

The head of a financial advice firm has collapsed in the stand at the banking royal commission after being accused of lying.

Dover Financial Advisers sole owner Terry McMaster had been giving evidence to the commission for more than two hours when he began to experience problems.

Commissioner Kenneth Hayne QC immediately demanded he receive help and triple-zero be called before clearing the hearing room.

Paramedics assessed Mr McMaster in the Melbourne court room before taking him away on a stretcher to a waiting ambulance.

The dramatic development came after counsel assisting the commission Mark Costello accused Mr McMaster of lying during the hearing on Thursday.

Mr Costello had asked a series of questions about Dover's customer protection policy.

"I put it to you it is Orwellian to describe this as a client protection policy," Mr Costello said.

Mr McMaster, one of the three responsible managers of Dover, said: "I agree with that and of course this has been changed."

Mr Costello: "It is entirely misleading to describe this as a client protection policy."

Mr McMaster: "It actually wasn't intended to be misleading. It sort of evolved."

Mr Costello went on to ask what protection the policy gave the client.

Mr McMaster said: "I agree with that. It's a misnomer."

He then said there were other aspects of the document that were very much in favour of the client.

Mr Costello said: "I'm going to put to you that the way you have just described the policy is simply untrue."

Mr McMaster said he rejected that.

"In that rejection, I've certainly understood and regretted the use of the word 'protection'. That's obviously been changed."

Mr Costello was asking further questions when he noticed Mr McMaster was in difficulty and asked for the hearing to be stopped.