Centrepoint trims executive ranks
Publicly-listed financial planning group, Centrepoint Alliance, has announced a trimming of its executive ranks.
After first confirming its directors and executives had taken a 25% pay cut and that non-executive staff had been asked to liquidate leave, the company today announced to the Australian Securities Exchange (ASX) that two of executives were departing company.
It said that interim chief financial officer, Peter Loosemore was leaving the company with his duties being handed over the existing Centrepoint finance team, while the company’s Chief Technology and Marketing Officer, Richard Lea would also be departing the company.
The ASX announcement said that Lea’s functions would be absorbed by other company executives.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.