Culling season for Tower, FAI
Products are to be culled as a result of the merger between Tower and FAI Life, according to Tower Corporation group managing director James Boonzaier.
"There's no question that there is a certain amount of product overlap between the two groups. I would expect a fair bit of rationalisation of products," he says.
The group has appointed a special team to review the merged group's products which is expected to report to the newly formed executive team at Tower Life Australia in the next few weeks.
Boonzaier was unable to comment on the number of products to be cut from the merged organisation, saying it was early days yet, but says he feels confident the team will have rich pickings.
"Given both Tower and FAI are quite strong in risk products, particularly individual risk products and individual superannuation products, we feel confident that the quality of the products will remain," he says.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
