Freedom Insurance, savaged in the financial services royal commission for its direct telephone sales, has gone into a trading halt.
The company was criticised for selling accident and funeral insurance to an intellectually disabled man.
Its shares went into a trading halt today pending an announcement about a strategic review.
The company launched the review after a report by corporate regulator ASIC, saying it intends to restrict outbound sales of life and funeral insurance to protect consumers, a large part of Freedom’s business.
The company in August reported a 14.3% increase in full year revenue to $61.34 million. Net profit after tax was $13.15 million, down 6.5%.
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