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Professional body ANZIIF hits back at CII

The Australian and New Zealand Institute of Insurance and Finance has hit back at the CII over its allegations that the professional body concealed financial information prior to a planned merger.

In a public statement, ANZIIF says it takes “strong exception to the suggestion by the CII in the UK press overnight that there were financial discrepancies” around ANZIIF’s financial management.

A spokesman says: “ANZIIF has always been fully transparent with its board, members, regulators and auditors in all of its financial affairs. With a growing membership base of 12,500 professional qualified members and financial reserves of $6m ANZIIF has consistently adhered to strong financial management discipline.

“ANZIIF has experienced the unexpected deferral of some business in this last quarter of 08 to first quarter 2009. That fact combined with the extra ordinary expense of this merger activity has meant that the year 2008 has been a demanding and testing one for the business.”

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