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Why has Insignia Financial sold IOOF Ltd and its investment bond business to Australian Unity?
The investment bond business was considered adjacent to Insignia Financial’s core strategic priorities and the sale of IOOF Ltd will provide improved business focus and clarity.
Australian Unity is a leader in the investment bonds sector, with an existing investment bond business offered through Lifeplan Australia Friendly Society (LAFS). Clients will benefit from joining Australian Unity which is committed to growing and investing in the investment bond sector over the long term.
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Why is the transition going to take at least 12 months?
We are first and foremost, wanting to ensure that there is minimal impact to you.
An initial 12-month transition period will allow both Insignia Financial and Australian Unity to work together collaboratively to ensure a smooth transition for clients. Having this time to manage the transition of some 30,000 accounts onto new operating systems makes sense for such an acquisition and we note that it remains business as usual for clients over this time.
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What can I expect once the transition to Australian Unity is complete?
We are first and foremost, wanting to ensure that there is minimal impact to you.
At the conclusion of the transition period, clients will be transferred from Insignia Financial’s operating systems to Australian Unity operating systems. Over time and in line with our usual course of business, we will review the product suite and look at ways to improve our overall offering to clients.
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How does the acquisition impact existing policy holders?
Right now, and for the period of transition, it is business as usual. At this early stage, we are focused on a smooth transition for clients and we will be working with Insignia Financial to achieve that over the next 12 months.
Clients will benefit from joining Australian Unity which is committed to growing and investing in the investment bond sector over the long term.
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Is Australian Unity going to make any changes to the IOOF WealthBuilder loan facility?
There will be no changes to the operations of the IOOF WealthBuilder loan facility during the transition period. The IOOF WealthBuilder loan facility has been closed to new applications (including applications to increase) since April 2021, and this will remain unchanged.
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Who do I contact if I have any questions?
During the transition period, if you have queries with regards to your investment, please contact your financial adviser or the Investor Services Team at Insignia Financial on 1800 002 217 or investorservices@insigniafinancial.com.au.
If you have any queries regarding the acquisition or Australian Unity, please contact us on 1300 1300 38 or enquiries@australianunity.com.au.
