POWERED BY MOMENTUM MEDIA
Freedom suspends direct insurance
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.
Recommended for you
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment