A Shepparton-based brokerage business has been cleared of any wrongdoing after a lengthy investigation by the Australian Securities and Investments Commission (ASIC).
While ASIC does not comment on any investigations, including confirming or denying their status, the principals of the business are free to disclose the outcome.
Ben Goodall was principal of Griffiths Goodall Insurance Brokers when the investigation started in March 2019.
While the investigation was ongoing the business was sold to the ASX listed PSC Insurance Group but Mr Goodall remains as managing principal of the successful Shepparton-based brokerage firm.
“It has been stressful but we really appreciate the incredible support we have had from clients, we are all still active and really invested in the business and that is our focus,” Mr Goodall said.
In a statement PSC said each director of Griffiths Goodall has been notified by ASIC that the regulator has concluded its investigations and decided that no enforcement action will be taken.
“The directors, Joseph Goodall, John Griffiths, Ben Goodall and Nathan Goodall, would like to take this opportunity to thank our former staff, clientele, service providers and insurer partners for their support during this time,” the statement said.
PSC managing director Tony Robinson also thanked the Griffiths Goodall team “for their efforts in the business through this period”.
“PSC has been delighted with the performance of the business since the merger, and the professionalism and capability of the staff that joined PSC through that process. The inclusion of Griffiths Goodall into PSC has made us a better, stronger business,” Mr Robinson said.