By Mike Taylor
The sale of Madison Financial Group to Clime Asset Management is complete.
OneVue announced to the Australian Securities Exchange (ASX) today that the transaction had been completed with the consent of major Chinese creditor, Taiping Trustees Limited.
It said the sale proceeds received at completion of $2.26 million had been paid into a controlled moneys account to be held until China-Taiping’s claim over the total sale proceeds which One Vue disputes and China-Taiping’s review of the costs of the Madison Financial Group receivership were resolved.
“In accordance with the share sale deed, further sale proceeds of $2.5 million are held in escrow subject to a two-year escrow arrangement which reduces to $1.25 million after 12 months,” it said.
The Madison sale completion to Clime was flagged on social media over the weekend by chief executive, Annick Donat.
Comments
A fund manager buying distribution. What could possibly go wrong ?
Unfortunately there is no simple way for normal consumers to easily identify and avoid advisers who are owned or controlled by product companies.
The current "independence" disclosure rules of s923A do not distinguish in any way between those advisers, and advisers who give clients the choice to pay for insurance advice by commissions. Since insurance commissions are in the best interests of most clients, nearly all advisers use them. So nearly all advisers have to drown their clients in voluminous disclosures and cannot advertise themselves as independent. This allows advisers owned by product companies to easily "hide in the crowd".
s923A is actually doing consumers a major disservice by insisting that receipt of insurance commissions precludes use of the term "independent".
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