Freedom Insurance Group has announced its intention to close its Spectrum Wealth Advisers business.
The company announced to the Australian Securities Exchange (ASX) today that it had previously announced its intention to exit the business but that it had been unable to continue to meet a condition of its Australian Financial Services Licence and therefore intended to start closing down the Spectrum business immediately.
It said Spectrum’s AFSL had a “key person’ requirement and due to the departure of a number of personnel who were performing duties on behalf of the company with respect to its financial services business, Spectrum was unable to continue to comply with this license requirement.
Freedom said that Spectrum had today begun issuing notices to its Authorised Representatives terminating their agreements and advising that no further business should be carried on under the agreements.
It said Spectrum would support the orderly transition of all of its ARS and related clients to new licensees when requested.
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