ACT Police has confirmed it is still investigating alleged financial misconduct at AUB Group subsidiary Austbrokers Canberra.

As reported by insuranceNEWS.com.au last year, Austbrokers Canberra MD Greg Johnston was “removed” by AUB after the issue was discovered.

ACT Police says no charges have been laid at this stage but “the investigation into this matter remains ongoing”.

The Australian Securities and Investments Commission says it is unable to comment on whether it is taking any action.

AUB has completed its own investigation and says remediation is in its “final stages”.

It will report its full-year results on August 20, with adjusted net profit after tax expected to be in the range of 3-5% growth. It says the impact of the Canberra matter on full-year statutory net profit after tax is $4.6 million.

“While recovery proceedings continue against certain parties, AUB Group does not expect any further negative impacts of the matter on the results of future periods,” it said in a note to the Australian Securities Exchange.