Standing firm on class-action probe: “We deny the allegations”

Steadfast Group has issued a response to an Australian news program alleging its brokers misled class insurance customers. “We deny the allegations made and are disappointed that important information has been selectively presented,” Vishal said in an ASX announcement issued by the brokerage.

An ABC-TV investigation questioned the transparency of Steadfast’s operations and its influence in the market. In the announcement, Steadfast agreed that the coverage “raises concerns about the transparency of the segment industry.”

Trowbridge Report and Explanations

The brokerage group said the investigation “made no mention of the fact that Steadfast had commissioned respected insurance expert John Trowbridge to conduct an independent review in late 2021.”

All of the firm’s businesses, including brokerages and underwriting agencies, “operate independently and compete actively with each other,” the release said.

CEO Robert Kelly (pictured above) said Persistence is inherently concerned about anything that may fall short of our standards and expectations. “If instances are raised that require further action, we will of course investigate and take action to address any lapses in our processes and procedures.”

Steadfast has announced a trading halt in its securities following the ABC report.

The group is Australia’s largest broking network with growing operations in the US and Asia.

What do you think about the implications of the ABC-TV Four Corners-level investigation? Please let us know below