Australia’s Wealthsure is set to request for the cancellation of its Australian Financial Services (AFS) licence, following acquisition of Wealthsure Financial Services (WFS) by Sentry Group.
Under the deal, most of the authorised representatives of WPL have been transferred to the Sentry-owned WFS, with a requirement that not more than seven are moved across annually without ASIC’s permission.
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Since August 2013 Wealthsure Group entered an enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC), after a probe started in December 2011 detected the group with recurring compliance failures.
The watchdog has now issued a new, separate EU for WPL as well as WFS which will replace the joint EU accepted in August.
WFS will have to continue implementing its remediation plan, which will be supervised by an independent expert, Deloitte.
WPL has also been directed to engage an independent compliance consultant to handle its internal dispute resolution system, and maintain membership of an external dispute resolution scheme, maintain professional indemnity insurance, maintain capital and notify all clients with an unresolved complaint about the changes.
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