The Australian Securities and Investments Commission (ASIC) has confirmed it will take no enforcement action against Griffiths Goodall, following a raid carried out in 2019.

As reported by insuranceNEWS.com.au, the brokerage, based in Shepparton, Victoria, was acquired by PSC for $48 million later that year.

PSC today released a statement confirming that 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,” the 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.”