The Financial Sector Conduct Authority (FSCA) is investigating allegations that Old Mutual independent financial advisory business Adviceworx’s (ADX’s) adviser acquisition model breaches regulations, putting clients’ interests second.

Meanwhile, the falling out between ADX and its former senior employees turned whistle-blowers is growing. One of the whistle-blowers, in his communication with Old Mutual top brass, describes the alleged breach as the “largest financial advisory and intermediary services breach in SA history”...

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