BOQ terminates sale of St Andrews to Freedom
The sale of St Andrew’s Insurance to Freedom Insurance Group is off.
The Bank of Queensland has announced to the Australian Securities Exchange (ASX) that the agreement to sell St Andrew’s to Freedom has been terminated.
It said the decision to terminate was mutually agreed with Freedom after it became clear that the conditions of the transaction would not be satisfied within the time limited contained in the sale agreement.
Bank of Queensland said that following the termination of the agreement it would continue to assess its strategy in relation to St Andrew’s and that in the meantime the insurance business continued to be strongly capitalised and remained focused on delivering for its customers and corporate partners.
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
