PIS owner flags profit hit from client claims

professional investment services australian securities exchange PIS

8 August 2013
| By Staff |
image
image
expand image

The parent group of Professional Investment Services (PIS), Centrepoint Alliance, has stated that profit and assets for 2013 will be impacted by between $3 million to $5 million as a result of an increase in provisions for client claims for PIS.

In a statement released to the Australian Securities Exchange, Centrepoint said its board had received a draft actuarial report pointing towards increased client claims and expected an impact on profit and net assets to be part of the finalised and audited report.

Centrepoint will announce its finalised results for the 2013 financial year at the end of August. It has adjourned meetings related to the purchase of Associated Advisory Practices until late September to allow for the preparation of required documentation around the purchase.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 days 17 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 6 days ago