Diversified battle continues
Financial advice firm DISL closed down after its funds were sold to Fisher Funds Management and one of its directors, Vicky Watson, took up a job with Fisher Funds.
Watson and the firm’s other director, Norman Stacey, disagree on the circumstances surrounding the sale and the resulting litigation means they are battling it out at the High Court in Auckland this week.
Stacey alleges he was pressured into selling DISL significantly under market value and under terms not acceptable to him and that information relating to Watson’s job offer was not disclosed to him.
He has been under examination for most of the week, but yesterday two industry experts took the stand to provide evidence on sales values of financial advice businesses and the remuneration of financial advisers.
The first witness was Strategi Ltd managing director David Greenslade.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)