PIS boss announces surprise resignation
Professional Investment Services (PIS) chief executive Peter Walther is stepping down after 18 months with the company.
The surprise resignation comes days after Tony Robinson, chief executive officer of PIS' parent company Centrepoint Alliance, announced his resignation and was replaced by former TAL executive, John De Zwart.
De Zwart will step in as interim PIS CEO and will work closely with Walther throughout the transition.
PIS has gone through major change in the last 12, including the departure of its general manager Grahame Evans which was followed by the resignation of a number of senior executives within the dealer group.
This was followed by an announcement of a total restructure and the introduction of cost-cutting measures, which saw the ceasing of a number of other roles, including state managers.
Events from 2012 appear to have been a consequence of PIS' acquisition by Centrepoint Alliance in 2010, which came amid increased surveillance activities coming from the regulator, the Australian Securities and Investments Commission (ASIC).
Later that year, ASIC accepted an enforceable undertaking from the dealer group due to its failure to comply with the law as an Australian Financial Services Licensee.
ASIC was particularly worried about PIS' compliance culture in general, management of conflict of interests, adviser training and supervision, and record keeping.
"Pete has successfully repositioned the business and instilled a client service culture of quality advice and service, which has restored confidence within the PIS network as it seeks to meet the changing demands of the industry," De Zwart said.
"Pete and his team have had a determination to not only meet the requirements of the regulator but to emerge as a stronger, more compliant and ethical business that consistently produces appropriate advice outcomes for the benefit of everyday Australians."
There is no change in plans for PIS, De Zwart said, as the group remains "committed to becoming the leading non-aligned financial advice business".
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