Sovereign told advisers on May 11 advising them to immediately stop selling some products because it had inadvertently breached the Securities Act by failing to register its prospectus for them by March 31 this year.
The products affected includes term deposit bonds, investment bonds, Complete Investor, Whole of Life, Living Care and BusinessCare.
Sovereign says its error was a minor breach of the regulations and it didn’t have to return any money to investors.
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