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Raided brokerage carries out ‘internal review’

May 3, 2019

A Victorian insurance brokerage that is being investigated by the Australian Securities and Investments Commission (ASIC) has launched a structural review.

Griffiths Goodall is understood to be working with a former insurance industry executive to explore a range of options, including a sale of the business.

The business’ Shepparton headquarters was raided in March by officers from ASIC and the Australian Federal Police, and a number of files were seized. ASIC is believed to be examining invoices to clients and the amount of premium charged.

Director Ben Goodall told insuranceNEWS.com.au the company is “undertaking a review of its structure, including taking advice around the best approach towards succession planning and future growth opportunities”.

“We have no set timeframe to our internal review which is simply about how we refresh our strategy and look to best position the company for the next anticipated phases of growth,” Mr Goodall said.

“Unequivocally it remains business as usual at our firm.”

Mr Goodall says the business, which was formed in 1989, “continues to operate as a strong and sustainable commercial business working for its large and diverse client base”. But he says a review is now “timely”.

Speaking after the raid earlier this year Mr Goodall said it was “not a police search or criminal investigation” and related to “a paperwork-based issue, which we strongly deny”.

“It’s pretty clear what the reason for the surveillance is and we definitely deny that and we’re very confident that we have always operated within the law,” he told local newspaper the Shepparton News. 

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Phoenix Risk Services Pty Ltd / ABN 12 617 229 188 / AR 1252319 || Licensee: PSC Connect Pty Ltd ABN 23 141 574 914 AFS License No 344648

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