Freedom closes Spectrum Wealth Advisers
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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.