How to Use This Questionnaire Yourself Or As a Group

HOW TO USE THIS QUESTIONNAIRE YOURSELF OR AS A GROUP

“Questionnaire To Explore Concerns About A Financial Adviser / Planner

To Assist with Making a Complaint to Seek an Investigation by ASIC”

This questionnaire was designed by a group of people financially victimized by

PETER RAYMOND HOLT, aFinancial Adviser and Charted Accountant at the

time. He currently works under Holt Baker Accountants and HBM Advisers P/L at

Suite 4, 830 High Street, EASTKEW VIC 3102 (last address was Burke Rd). Previous

companies include Holt Norman & Co (HNC), Holt Norman Ashman Baker (HNAB),

HNC Financial Planning etc.

We collated the data and provided copies of the full questionnaire to theAustralian

Securities and Investment Commission (ASIC)with a commitment to provide any

further details required. We also presented aPowerPoint summary of the data and

recommend you do this.

No action had been taken on complaints lodged individually beforehand about the

same information. YOU will likely need to persist to ensure ASIC take you seriously.

After 14 months of investigation ASIC banned Peter Raymond Holt from providing

Financial Services for 3 years. Visit for media releases.

We believe had the investigation been more thorough it would have been apparent

thatPeter Holt met the criteria for ASIC’s category constituting a minimum of a 10

year ban to Life. We recommend you obtain a copy of that document: “Licensing:

Administrative action against financial services providers”. This is available from

ASIC or its website:

You are welcome to adapt this questionnaire as you see fit in order to seek information about concerns regarding a member of the financial services industry. If you would

like a template to adapt please contact us - it is ‘read only’ on the website.

You will also find other useful resources and information on our website:

– and may contact us at: for assistance or mail to:

Holt Norman Ashman Baker Action Group

PO Box 5043 Moreland West LPO

MORELAND WEST VIC 3055

Our recommendationsfor design of your questionnaire follow:

Please note: (The underlined orange bracketed type requires substitution of your information)
Questionnaire To Explore Concerns About A Financial Adviser / Planner

To Assist with Making a Complaint to Seek an Investigation by ASIC

This will be used to take our complaints to ASIC. We may also involve the media but your name and contact details will not be provided to the media without your written permission.

We are among many people who have sought legal advice, taken legal action, been through the Financial Ombudsman Service or come to understand it appears evident that(name of adviser / planner and address) and associates have broken the Corporations Act, been negligent in duty of care and not met financial obligations to clients resulting in (eg: bankruptcy, financial loss and extreme stress).

We plan to compile the various failures to adequately inform, protect and appropriately advise clients of(name of adviser / planner)(or related companies).

We will use this material to take our complaints to ASIC to request a full investigation and proper action including prosecution and compensation. The more details we have, and the more people involved, the more power we have to demand an investigation and hold this financial adviser / plannerand associates accountable, as well as the systems that enable people like (name of adviser / planner).We are also planning other action but this is our first step.

You are invited to a meeting to discuss this further on:

(List date, time and place of any meeting/s you plan)

Please RSVP by (date)to (email or phone): ……………………………………………………………

Address:……………………………………………………………………………………………………………………....

Telephone:……………………………………………………Mobile……………………………………………………..

Email:…………………………………………………………………………………………………………………………

Age:………………………… Occupation:………………………………………………………………………………....

Please pass this on to other people you know were / are clients of (name of adviser / planner)and associates. Contact (your name / group contact person/s)on (email or phone): if you would like a questionnaire emailed for you to distribute.

Please mail your completed form ASAP to:(your name / group contact person/s)

(address)– we recommend a PO Box near the person who will

retrieve the questionnaires

(email AND phone)

if you wish to speak to a member of this group see names and phone numbers on the last page

List of acronyms in the questionnaire

FSGFINANCIAL SERVICES GUIDE

FSLFINANCIAL SERVICES LICENCEE (FINANCIAL ADVISOR)

SOASTATEMENT OF ACCOUNT

ROARECORD OF ADVICE

MISMANAGED INVESTMENT SCHEME

Questionnaire To Explore Concerns About A Financial Adviser / Planner

To Assist with Making a Complaint to Seek an Investigation by ASIC

This will be used to take our complaints to ASIC. We may also involve the media but your name and contact details will not be provided to the media without your written permission.

You may not understand some questions – do not worry. Complete as best you can.

PLEASE COMPLETE ONE (1)FORM ONLY PER PERSON – there are 13 pages in total

Please read the question and select Yes, No, Unsure accordingly – any brief comment can be noted at the side or please number the question overleaf and indicate this in the comments / Yes / No / Unsure / Any Comment?
FINANCIAL DISCLOSURE OBLIGATIONS UNDER CHAPTER 7 OF THE CORPORATIONS ACT 2001
1.Were you provided with a Financial Services Guide(FSG) each / any time you were provided with financial advice as soon as practicable after it became clear that the services were likely to be provided?
2.Did the Financial Services Guide include:
- how you may provide instructions to the Financial Services Licensee /financial adviser
- information about the financial services with which the FSL has authority by its licensee to provide
- who the FSL acts for when providing authorized services
- information about remuneration (including commission) or other benefits that various entities, including the FSL, is to receive when providing authorized services
3.Did you understand the information if you were provided with it?
4.If not, was any attempt made to help you actually understand it?
5.Were you provided with this information within the required time?
6.If you received the information was it defective in any way ie. did it
- contain misleading or deceptive statement
- omission of any information which should have been included
(note: it does not matter whether the FSL knew the document was defective at the time)
7.Were you given a Statement of Advice when provided with personal advice ie. Financial product advice?
8.Were your objectives, financial situation or needs, or any situation where it would reasonably be expected to consider any such matter, taken into consideration?
9. If you received a Statement of Advice (SoA) did it include:
- a statement setting out the advice
- information about the basis on which the information was given
- information about remuneration (including commission) or other benefits that various
entities, including the FSL, is to receive when providing the advice

1. Did you understand the information if you were provided with it?

1. If not, was any attempt made to help you actually understand it?

1. Were you provided with this information within the required time?

1. If you received the information was it defective in any way ie. did it

- contain misleading or deceptive statement
- omission of any information which should have been included
(note: it does not matter whether the FSL knew the document was defective at the time)

1. If you did receive an SoA that was incorrect, were you provided with an amended/corrected document?

1. Was the FSG or SoA correctly titled on the first page?

1. Was the FSG dated and the date shown when the FSG was prepared or its preparation was completed?

1. If a material alteration was made to the FSG the date must be changed to the date on which the alteration was made – did that occur?

1. Were the FSG and the SoA provided in separate documents (not a single one unless the regulation specified otherwise)?

1. When transactions were taking place and you received a Record of Advice (RoA), did the RoA refer to a Statement of Advice that you have never seen or received a copy of?

1. Were you ever asked to sign documents before they had been completed?

1. Were you ever asked to leave off the date on a document that you had signed?

1. Were you ever told that the FSL would complete the document later, or once they had other information or for any reason, and to sign it anyhow?

1. Did you ever ask for clarification of advice?

1. Did you believe that you had understood only to discover later that what you were told did not match documentation provided at that point or later?

1. Did you ever make a complaint that you had not received, or make a request to be provided with, information to understand your overall financial situation and investments?

1. Were you provided (with or without asking) the information enabling you to understand what had been set up, why, how it worked and the risks involved?

1. Were you left with the understanding that what had been set up was intricate or sophisticated or involved or such and that the FSL had it under control and you did not need to know the complexities?

1. If your investments were in a share portfolio (with Margin Lending), have you lost the value in your portfolio due to a Margin Call(s) whereby the 50% limit was not adhered to?

1. Did you communicate your desire to withdraw from the share market – some or all of your investment, only to be told that you should not let fear drive your decisions and to hold on…it would rebound or such and that this was strongly advised against?

1. Did you accept that advice (Q29.) if you received it?

1. Did you lose your share portfolio as a result?

1. If you were you set up in a margin loan for your shares, were you told that the dividends from investments would pay this off and would not require capital from your direct earnings?

1. If your property was used as equity were you told that there was no risk to it and that the additional buffer the FSL factored in would ensure no crash in the share market would place you at risk?

1. Were you required to provide money to meet margin calls?

1. Was money from any account (eg. Macquarie cash accounts) used without your permission or knowledge for margin calls?

Managed Investment Schemes – MIS, agribusiness investment questions

1. Were you told agribusiness projects were endorsed by the government and would not require your earnings to pay off the loans?

1. Did you understand that you were being put into loans for agribusiness?

1. Have you been put into agribusiness investments where the interest repayments exceed your income?

1. Were the risks of agribusinesses explained to you?

1. Did you know that on top of loans for agribusinesses that you would be locked in to fees and charges for years with no guarantees of any returns?

1. Have you been told since by a lawyer that recommending further agribusiness investments at a certain point may constitute a breach of fiduciary duty owed to you?

1. Did you know the FSL was receiving high commissions on your agribusiness investments?

1. Were you told that agribusinesses were significantly superior to superannuation as an investment for retirement and encouraged to participate primarily for this reason not only the tax effective benefits?

Realizing Your FSL Had Not Meet Duty of Care and Other Questions

1. Did you believe your FSL would place his / her financial interests ahead of his / her duty of care to you as your financial adviser?

1. Have you sought legal advice?

1. Were you told you had a strong case?

1. Did lawyers advise you not to proceed with legal action because of your emotional distress – rather than because it was not a strong case?

1. Did lawyers agree to take on your case no-win, no-fee while the option of obtaining money from the professional indemnity insurers and/or (name of adviser) existed?

1. Did you not pursue legal action because of the cost and inability to fund it due to your financial losses? If so, please indicate the approx cost you were quoted to go to court?

1. Has your health suffered – a physical or emotional toll - with the stress of the financial losses incurred through the advice you received? Sleep; anxiety; depression, despair etc.(it would help to list):

1. Has your ability to do your job been impacted with the stress of the financial losses incurred through the advice you received?

a) significantly b) moderately
c) mildly d) not at all

1. How much do you estimate that you have lost directly due to the advice you received that you deem was inadequate (versus not due to a failure of the FSL to fairly and responsibly advise you)?

1. Has any advise you have subsequently sought from another FSL indicated that he or she believes the advice you were givencontravenes the law, is negligent, is inappropriate for your understanding of financial matters or such?

1. Were you advised to place your home / property into a Trust Fund to protect it in the event you were sued?

1. Were you recommended to take property out of a Trust Fund in order to borrow against the equity in it to set up a Margin Loan for shares?

1. Did you understand what a margin loan was at that time?

1. Did you attempt to seek understanding from your FSL and if so, did you believe you understood or were assured he /she had it under control?

1. Does your income vary – if so, were you instructed by the FSL as to what amount to state to the bank was your income? (For the purpose of borrowing for a margin loan for shares?)

1. Which bank was your loan set up with?

1. Did you understand that your property – as equity for the margin loan - was at any risk if the share market collapsed?

1. Was it disclosed to you how much the FSL would receive for setting the margin loan up and each time you bought and sold shares?

1. Were you advised against investing in property?

1. Did you accept this advice (Q62) and believe it was in your interests to invest elsewhere as advised by the FSL and that the advice was not driven by commissions or financial benefits to him but your financial security?

1. Were you advised against contributing more than required by the government to superannuation?

1. Were your superannuation payments set up accurately as required by the government ie. the minimum contribution?

1. If your spouse or business partner/s and you bought shares, was there a clear record of who owned which shares?

1. Were you provided with information about your financial situation in a timely manner when requested?

1. Were you not provided with information about your financial situation even though you requested it on even one occasion?

1. Did you communicate to the FSL that you wanted a secure financial basis and did not want to take risks?

1. Did you communicate to the FSL that you did not want to risk your property?

1. Did you communicate your goals for retirement to the FSL?

1. Did your FSL claim that superannuation was not a good option for building wealth and financial security?

1. Did your FSL claim that property beyond your home was not a good investment strategy?

1. Did your FSL claim that his /her methods were sounder and give you more options more quickly and that other people did not pursue these because they did not understand them or know about them?

1. Did your FSL claim that he /she would only make money from investments that made you money?

1. Were there significant delays in preparation of tax returns?

1. Did you have difficulty obtaining summaries of your financial position or documents requested even after repeated requests?

1. Did your FSL make promises or commitments to follow up on concerns and fail to do this?

1. Did your FSL draw diagrams or show you graphs or newspaper articles or his / her evidence of his /her own participation in what he /she recommended to you as part of what convinced you that it was safe and secure?

1. Were investments made on your behalf without you knowing about it eg. entering margin calls / loans for shares?

1. Were you asked for money for a particular purpose only to discover later that it was used for something else by the FSL eg. told it would purchase shares but it was used for margin calls and to fund agribusiness repayments without your knowledge?

1. Did some, most or all of your correspondence from investments go to the FSL rather than directly to you?

1. Were you advised that it was best correspondence went to the FSL to handle it for you?

1. Were there any investments for which you did not receive Records of Advice?

1. Were ‘summaries’ of your financial position ever inaccurate?

1. Was written information about investments provided by the FSL clear, comprehensive, and understandable to you?

1. Have you considered bankruptcy to deal with the debt you have incurred due to the advice of the FSL?

1. Have you been bankrupted or entered bankruptcy to deal with the debt you have incurred due to the advice of the FSL?

1. Are you aware that (name of adviser)told staff not to tell investors that any scheme had been liquidated (eg. the Palandri MIS Scheme in March 2008)?

1. Have you reason to believe that (name of adviser)withheld information about the viability of schemes and / or claimed they were doing well?

1. Did (name of adviser)– or his/her office (not the agribusiness) forward to you growers reports (produced annually)?

1. Did (name of adviser)– or his/her office (not the agribusiness) forward to you growers’ invoices which revealed information about extra costs and details about the schemes?

1. Did (name of adviser)– or his/her office – fail to notify you of a margin call?

1. If (name of adviser)did fail to notify you of a margin call was your portfolio sold down (eg. by BT) when this could have been prevented if you had known and been able to inject money?

1. Did (name of adviser)continue to deduct monthly commissions s/he was not entitled to once your investments were lost?

1. Did you request a refund for commissions deducted that he / she was not entitled to?

1. Did you receive a refund for commissions deducted that he/she was not entitled to?

1. Do you have reason to believe now that your FSL did not have your best interests in mind but that advice was provided on the basis of enabling the greatest equity leverage to ensure the largest possible trailing commission to (name of adviser)?

1. Did your FSL ignore your instructions and risk your financial liquidity?

100. Did your FSL fail to address concerns about capital gains tax?
101. Did you view yourself as a “high risk
investor”, an ‘aggressive investor” or such
and were you willing for significant risk to
be taken with your finances?

1. Were you easily able to obtain an appointment with your FSL, speak on the phone, obtain adequate replies by email etc.?

1. Were you ever refused access to your own documentation (despite the (name of adviser’s)Financial services Guide saying you have access to it)?

1. Has access to your own documentation been refused by (name of adviser)even when requested by other people such as a new accountant, lawyer or the Financial Ombudsman?

1. Have you now received all the information you have requested?

1. Were you told that “Low Doc” loan applications were designed for businesses with complex financial situations to make it easier and cut through red tape or to that effect?

1. Have you been advised since that the portfolio set up by your FSL was not diversified and placed you at significant risk?

1. Was there a fixed interest rate of loans for agribusinesses or an interest rate above the commercial interest rate?

1. Do you have reason to believe that the FSL has breached their fiduciary duty placing receiving commissions and brokerage fees above your interests and to your detriment; breached the terms of the retainer agreement (to comply with fiduciary duties, render financial services with due care and skill etc.); been negligent; engaged in conduct which is misleading and deceptive or likely to mislead or deceive in contravention of:

-Section 1041H of the Corporation Act;
-Section 12DA of the ASIC Act;
-Section 9 of the fair Trading Act?

1. Do you have reason to believe that your FSL failed and / or neglected to manage, monitor and maintain the share portfolio so the ratio between the BT margin loan and the value of the shares was approximately 50% or below?

1. Do you have reason to believe that your FSL failed and / or neglected to immediately notify you when the BT margin loan and the value of the shares had reached the 50% ratio?

1. Do you have reason to believe that your FSL failed and / or neglected to manage, monitor and maintain the portfolio and the BT margin loan ratios and to minimize the risks associated with the margin Loans resulting in a margin call by the BT Finance Group which could not be met without the sale of the entire share portfolio?

(Add any other questions relevant to you and your situation)