Centrepoint draws line under insurance investment
Publicly-listed financial services group, Centrepoint Alliance has made clear its intention of moving out of product development to focus on servicing financial advisers.
In an announcement released to the Australian Securities Exchange (ASX) yesterday the company confirmed its exit from an investment in NEOS Life – the trading name of Australian Life Development Pty Ltd (ALD).
NEOS Life was established by a group of former TAL executives including its managing director, Brett Yardley, Chief Financial Officer, David Denison and Chief Operating Officer, Keith Moynihan. It lists its partners as being Pacific Life Re and NobleOak.
Explaining the move, Centrepoint chief executive, Angus Benbow said the business had commenced a new strategy under which it would provide market leading services to financial advisers such as compliance services, technology solutions and business planning and management services.
“This is quite different to the company’s former strategy, a component of which was focused on product solutions,” he said.
“As such, while the Company’s investment in ALD was appropriate to the former strategy, after thorough consideration, the board has decided it is no longer aligned to Centrepoint’s current direction,” Benbow said.
Recommended for you
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
