Sequoia chair boasts of 'good governance', despite ASIC action

Sequoia Financial Group's chair has told shareholders that “good governance remains central” to how it operates and confirmed it is in talks with Netwealth and Macquarie over their decision to bar InterPrac advisers.

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Addressing its annual general meeting, Sequoia chair Mike Ryan said the litigation brought by ASIC over Shield and First Guardian was not unexpected and the allegations were not reflective of “any new development”.

He reinforced the group’s plan to defend the proceedings, saying it will do so “confidently and based on the facts”.

“At the same time, our responsibility is to pursue outcomes that are sensible, commercial, and in the best interests of clients, advisers, shareholders, and staff," Ryan said.

He added that the group is in discussion with both Netwealth and Macquarie following their decision to withdraw platform access for InterPrac advisers from next year.