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Sentry's WealthSure acquisition confirmed

Non-aligned Sentry Group has acquired WealthSure, as the Western Australian advice group re-negotiates its enforceable undertaking with ASIC.

The corporate regulator has revealed that Sentry has acquired WealthSure Financial Services (WFS), a new entity related to WealthSure Pty Ltd which was created in a restructure mandated by the EU process the company entered into in 2013.

WealthSure Pty Ltd has transferred “most of its authorised representatives” to the WealthSure Financial Services entity now owned by Sentry, and has issued a request for its licence to be cancelled.

A new EU has now been arranged for WealthSure Financial Services, with similar terms to the previous EU.

“WFS will be required to continue implementing its remediation plan, designed with the assistance of a compliance consultant under the Wealthsure Group EU,” said a statement from ASIC.

”The implementation of the remediation plan will continue to be overseen by an independent expert, Deloittes, and regular reporting will be made to ASIC until October 2018.”

Under the terms of the agreement, no more than seven authorised reps per year will be transferred to Sentry without ASIC’s permission.

The statement said WealthSure has been making good progress towards the outcomes of the EU.