Futuro Financial Services has announced the proposed five-year buyout by AMP will no longer proceed, with the institution retaining its 10 per cent stake.
A statement from the dealer group today announced that the decision was mutual and that Futuro advisers will continue to utilise the services of AMP’s Jigsaw business.
The statement also revealed that the chances of AMP increasing its stake have now diminished, with managing director Dennis Bashford pointing to a new, more confident strategic direction.
“Now that there is some clarity in relation to industry regulation, we have been able to firm up our strategic direction,” Mr Bashford said.
“We believe that this is the best outcome for all parties involved, and will give our advisers the best of both worlds."
Macquarie Bank will pay a $10 million penalty for failures related to preventing and detecting unauthorised fee ...
The Financial Advice Association Australia has argued strongly against the implementation of the CSLR, calling the ...
A financial advice firm has seen a decline of 10 advisers this week with all moving to a new licensee, while Centrepoint ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin