PIS owner flags profit hit from client claims
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.
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