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CII and Aussie prof body merger scrapped over “financial discrepancies”

The proposed merger between the Chartered Insurance Institute and the Australian and New Zealand Institute of Insurance and Finance has been terminated with both parties blaming the other for the deal’s collapse.

In an announcement from ANZIIF, chief executive officer Joan Fitzpatrick says the merger has been deferred, due to economic conditions and “significant resistance” in the UK market.

But the CII has countered with a claim that a number of financial discrepancies have just emerged in ANZIIF’s accounts and so it has decided to terminate the merger.

A CII spokeswoman says: “It has become apparent that ANZIIF’s revenues are falling dramatically and it is potentially heading for a loss this year. This is the second year running ANZIIF will lose money.

“The CII Group is deeply disappointed the ANZIIF management only disclosed this information this week. The CII now feels any merger with ANZIIF would be detrimental to its members’ long-term interests.”

The CII was planning to re-brand following the merger to become the Chartered Institute of Financial Services. A member vote was scheduled for January 28.

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