Suncorp Life, which is part of Australia’s Suncorp Group, has said from mid-2016 it will no longer manage its self-employed, aligned adviser networks, Guardian Advice and Suncorp Financial Planning.
By Jerome Walcott
Suncorp Life will begin the transition over the next six months, which it said is in the interests of advisers and customers in a strategic move to "simplify" its distribution model.
Acting CEO Suncorp Life Jeremy Robson said: "We’re focused on working with our independent adviser and direct distribution businesses to support the evolving needs of customers."
"Our immediate goal is to work closely with advisers to identify their options and make the transition as easy as possible."
During the transition, any changes to arrangements with customers will be communicated on an individual basis through their adviser. Suncorp Life said there is no impact to the terms of current products or policies.
Guardian Advice was placed under licensing conditions by the Australian Securities & Investments Commission (ASIC) in December 2014.
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This included the appointment of PricewaterhouseCoopers (PwC), to complete a review of some of Guardian Advice processes and procedures.
Since that time, Guardian Advice has completed recommended business improvements specifically in regards to compliance procedures.
Suncorp Life will continue to work with ASIC’s requirements during the transition from the self-employed, aligned adviser network, Guardian Advice and Suncorp Financial Planning, over the next six months
Suncorp Group includes general insurance, banking, life insurance and superannuation brands in Australia and New Zealand.