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.
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