Freedom Insurance in voluntary suspension
Freedom Insurance Group has entered a voluntary suspension on the Australian Securities Exchange (ASX) acknowledging that it is not in a position to make an announcement about its trading position.
The company, which was the subject of criticism in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Commission announced late last year that it was ceasing new sales, changing senior management and reducing staff and operating costs.
It later announced that its bid to acquire St Andrews Insurance from Bank of Queensland had failed.
The company requested the voluntary suspension today after seeking a trading halt on Tuesday
The company has told the ASX that it is not in a position to make an announcement regarding its financial position at this time and was therefore requesting a voluntary suspending pending such an announcement.
However, it said it was not able to specify with certainty when that announcement would be made.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
