Suncorp Life is to shut its two financial planning businesses, including life insurance specialist Guardian Advice.

Guardian and Suncorp Financial Planning will close by next June and their self-employed advisers will have to find new homes.

Suncorp Life Acting CEO Jeremy Robson says the decision comes “after much consideration”.

“We have made the decision to simplify our distribution model in line with our strategic priorities and in the interests of advisers and customers,” he said.

“We’re focused on working with our independent adviser and direct distribution businesses to support the evolving needs of customers.”

This year Suncorp has worked with PricewaterhouseCoopers after the Australian Securities and Investments Commission (ASIC) put conditions on Guardian’s licence after finding examples of poor advice.

Mr Robson says Suncorp will continue working towards meeting ASIC’s requirements during the wind-down.

ASIC says Suncorp has agreed to complete the client remediation program, and to fund compensation to Guardian clients if needed.

“Suncorp has also committed that all relevant recommendations made by the expert appointed to Guardian Advice will be implemented in the continuing Suncorp financial advice business,” it said.

Mr Robson says Suncorp will now focus on relocating advisers.

“During the next six months we will be working closely with both the Guardian Advice and

Suncorp Financial Planning advisers to explore options such as transitioning them to other licensees in the market if they choose,” he said.

“Our immediate goal is to work closely with advisers to identify their options and make the transition as easy as possible.”