The Australian Securities and Investments Commission (ASIC) has confirmed it will not take enforcement action against Griffiths Goodall.

As reported by insuranceNEWS.com.au, the offices of the brokerage, based in Shepparton, Victoria, were raided by ASIC in 2019. The business was acquired by PSC for $48 million later that year.

PSC says each director of Griffiths Goodall has been notified by ASIC that the regulator has concluded its investigations and decided that no enforcement action will be taken.

“The directors, Joseph Goodall, John Griffiths, Benjamin Goodall and Nathan Goodall, would like to take this opportunity to thank our former staff, clientele, service providers and insurer partners for their support during this time,” a statement says.

PSC MD Tony Robinson also thanked the Griffiths Goodall team “for their efforts in the business through this period”.

“PSC has been delighted with the performance of the business since the merger, and the professionalism and capability of the staff that joined PSC through that process. The inclusion of [Griffiths Goodall] into PSC has made us a better, stronger business.”