News of the move was announced to staff last week and uncomforted reports speculate PIS parent, Centrepoint Alliance, made the decision to release Bennetts due to the dealer group's enforceable undertaking agreement with the Australian Investments & Securities Commission (ASIC).
Last month PIS group managing director Grahame Evans said approximately 300 financial adviser and staff positions had been cut in the last 12 to 18 months as part of the group's push for stronger compliance measures.
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