Freedom Insurance Group has announced the immediate suspension of all direct insurance products with its managing director, Keith Cohen leaving the company immediately.
The company will also be reducing its staff to approximately 90.
In an announcement released to the Australian Securities Exchange (ASX) late today, the company announced the suspension at the same time as a restructuring of its business and changes to its senior management.
The announcement followed the company’s dramatic appearance before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The company told the ASX that as well as its suspension on direct insurance products it would be continuing to service and renew its is in force book of policies and would be restructuring its operations to align the business and staffing with its reduced activities.
