Futuro Financial Services Pty Ltd today announced it had reached a mutual agreement with AMP Ltd to no longer proceed with AMP’s planned five-year staged buy-out. Futuro will continue to provide high levels of support to its advisers through AMP-owned Jigsaw Support Services.
AMP Ltd acquired a 10 per cent shareholding in Futuro in 2012, with the option to increase to full ownership by 2017.
Futuro’s Managing Director Mr Dennis Bashford said: “Now that there is some clarity in relation to industry regulation, we have been able to firm up our strategic direction. We are implementing a number of initiatives to provide the high levels of support for our advisers that will enable them to grow their businesses and thrive in this post FoFA environment.”
He said that huge industry changes during the two-and-a-half years since the deal with AMP was announced played a major part in both parties deciding to end the ownership deal.
“We believe that this is the best outcome for all parties involved, and will give our advisers the best of both worlds.
“The next few years will provide great opportunities for Futuro. Our plans are to continue with strong national growth but, as we have done since our inception in 2002, this will happen in a controlled fashion.”
Futuro has been operating successfully for more than 12 years and remains one of Australia’s largest independently owned AFSL’s with a consistent management team and impressive compliance record.
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