Weeks after Terry McMaster memorably collapsed in the witness box at the banking royal commission, his financial advice company has told the corporate regulator it will cease providing services.
Dover Financial Advisers has informed ASIC of the move as the regulator continues its 2017 investigation into the firm founded by Mr McMaster.
The decision came after ASIC served the company a "notice of hearing" saying it was minded to suspend or cancel its Australian Financial Services Licence, a spokesman for the regulator confirmed in a statement on Monday.
"The matter has not gone to hearing but as a result of this notice, Dover and Mr McMaster have advised that, amongst other things, Dover will cease providing financial services," the statement said.
The Melbourne-based company has more than 400 representatives Australia-wide. They have been contacted for comment.
The development comes after Mr McMaster collapsed at the end of more than two hours of questioning at the banking royal commission in April, when he was accused of lying.
Commissioner Kenneth Hayne QC immediately told staff to get help and call an ambulance before demanding the courtroom be cleared.
Mr McMaster was assessed by paramedics inside the courtroom before being wheeled out on a stretcher to a waiting ambulance, telling a journalist outside that he had "just fainted".
Counsel assisting the commission Mark Costello had earlier accused Mr McMaster of lying, including about Dover's client protection policy.
Mr McMaster, one of three responsible managers at Dover, had also faced questions about information he left out of his statement to the royal commission.
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