A director who collapsed while giving evidence at the banking royal commission and his now-defunct financial advice firm maintain there is no evidence an "inaccurate" policy misled almost 20,000 clients.
A Federal Court judge will hand down his decision at a later date in the corporate regulator's misleading and deceptive conduct case against Dover Financial Advisers and its sole director Terry McMaster, who has left the financial services industry.
The Australian Securities and Investments Commission's civil case centres on a Dover policy that claimed to provide clients with the maximum protection available under the law.
Mr McMaster collapsed while being questioned about the "Orwellian" client protection policy during a royal commission hearing in April last year, but did not have to enter the witness box during a two-day Federal Court hearing in Melbourne.
While Dover admitted it was inaccurate to say clients had the maximum protection under the law, the defence argued there was no evidence that anyone was misled or deceived by the policy or suffered any loss from it.
Barrister Jeff Gleeson QC had criticised ASIC for not including Dover's financial services guide in its evidence, but on Thursday said it was left out because the defence argued it was not relevant.
ASIC barrister Bernie Quinn QC said the attack on the way the regulator had conducted the case was unfair.
He said rather than detracting from the claims in the client protection policy, the financial services guide - which he gave to the court - endorsed what it said.
"That's a central plank of the defence and it has fallen away," Mr Quinn said.
Mr Gleeson said that was a rather significant overstatement, as the financial services guide was not even mentioned in the defence written submissions.
"The central plank of our defence to this matter is that the plaintiff ASIC has neither pleaded or produced any evidence as to what any individual client received, or that any individual or individuals who received a statement of advice were misled or deceived," he said.
About 19,400 clients were sent the client protection policy between September 2015 and March 2018, via a hyperlink to their emailed statement of advice.
Mr Gleeson said no one had given evidence that they ever clicked on the hyperlink or read the policy.