AUB Group has announced a new management agreement to ensure clients of Austbrokers Canberra are not affected by financial misconduct allegations.

As previously reported by insuranceNEWS.com.au, Austbrokers Canberra MD Greg Johnston has been “removed” following an internal investigation.

The broker network announced through the Australian Securities Exchange last week that external advisers have been deployed as investigations continue.

Now a management services agreement between Sydney-based Austbrokers AEI Group and Austbrokers Canberra has been signed that enables AEI to “actively support” the management of Austbrokers Canberra for the next year.  

AEI is the sixth-largest broker in the Austbrokers network, managing more than $70 million in gross written premium. Its MD is National Insurance Brokers Association President Tim Wedlock. Austbrokers Canberra used to be part of AEI.

“The agreement will see Austbrokers Canberra benefit from the operational expertise and resources of AEI as Austbrokers and AUB Group take action to ensure clients receive only the highest standards of client service, risk solutions and advice,” a statement from AUB says.

Austbrokers Divisional CEO Nigel Thomas says the historic links will enable “quick and seamless co-operation”.

“I know [Mr Wedlock] is very well placed to ensure our clients continue to receive market-leading risk management and advice,” he said.