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Freedom Insurance Group closing down Spectrum Wealth Advisers

Freedom Insurance Group Ltd. said that it intends to close down its wholly owned subsidiary Spectrum Wealth Advisers immediately, citing its failure to meet a requirement of the Australian Financial Services license.

Spectrum is unable to comply with the "key person" requirement for the license because of the departure of a number of its financial services business personnel.

The Australian Securities and Investments Commission has been notified about the matter.