Freedom exits with $33.4m loss

freedom Banking Royal Commission Royal Commission nobleoak Sean Williamson life insurance insurance

10 July 2019
| By Mike |
image
image
expand image

Freedom Insurance Group Limited has issued what is likely one of its final reports to the Australian Securities Exchange (ASX), reporting a $33.4 million loss for the half-year ended 31 December, the departure of its chief executive and virtually confirming that Noble Oak was the party which had picked up the remaining facets of its business.

In a belated December-half report to the ASX, the company said the $33.4 million loss reflected the cessation of sales in October 2018 following the release of Australian Securities and Investments Commission (ASIC) Report 587 into the sale of direct life insurance and the resulting structure of Feedom’s operations.

It also cited the impact on Freedom following the findings of the Hayne Royal Commission, the write-down of goodwill with respect to Spectrum Wealth Advisers and provision for the customer remediation program.

It said that with the winding down of its remaining operations, the role of the chief executive had been made redundant with the result that Sean Williamson would be leaving Freedom in early August.

While Freedom initially declined to name the company to which it had transferred its policy administration business, the involvement of Noble Oak in the wind-down was revealed by the fact that around 43 employees were transferred to Genus Life Insurance Services which is part of Noble Oak Life.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

3 weeks ago

Interesting. Would be good to know the details of the StrategyOne deal....

3 weeks 4 days ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

1 month 2 weeks ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 weeks 3 days ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 weeks 2 days ago

Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best ...

1 week 3 days ago

TOP PERFORMING FUNDS