Sovereign finally confirms intention to sell Select

In a statement Sovereign has confirmed "its intention to transition its Select Wealth Management service to JMIS Limited" as first reported by Good Returns.

JMIS is the independent investment consultant to the service and has been involved since Select since it launched in 1998. 

Rebecca Russell, Chief Officer Customer Management & Product for Sovereign said that changes to regulation are always a good time to review areas of the business that will be affected and that over the past nine months Sovereign carried out an in-depth assessment of what it would mean for Sovereign to apply for and maintain a DIMS licence.

“As a result of this review, we determined the best course of action for Sovereign would be to transition the service to a third party and are very pleased now to be working with JMIS and the FMA through the proposed transition.