The Monetary Authority of Singapore has approved the sale of Centrepoint Alliance’s local financial planning business to Aviva Asia.

It was the last hurdle in a deal to move the Singapore business of subsidiary Professional Investment Services. The sale is expected to be completed this month.

Meanwhile, Zest Financial Solutions director Christopher Castles has resigned from the Centrepoint Alliance board after it expressed concern at a conflict of interest; Mr Castles’ business is a member of the dealer group.

Centrepoint Alliance has also clarified its first-quarter earnings before interest, tax and depreciation of $3 million, which was reported late last year. It says the figure was before all interest and borrowing costs, including the insurance premium funding business.