Sequoia plots potential restructure

Sequoia Financial Group, the parent company of InterPrac Financial Planning, is conducting a thorough review of all its operating subsidiaries for a potential restructuring.

The ASX-listed firm said the review will provide insight if a restructuring of group ownership and non-core investments will be needed.

The process is currently underway but no definitive decisions have been made, it said.

Sequoia said the update was provided to maintain a "properly informed" market.

"Sequoia will continue to keep the market informed in accordance with its continuous disclosure obligations," Sequoia said.

Sequoia operates in financial services, media, superannuation and professional services, including InterPrac, which the group is currently seeking a buyer for after a failed transaction to offload the business to Conquest Investment Management in March.

ASIC withdrew legal proceedings against Sequoia after it entered an undertaking not to put the Cross Deed of Guarantee at risk tied to the sale.

The regulator applied to the Federal Court in April for KPMG to investigate the proposed sale, concerned that it could adversely affect InterPrac's creditors, including its liabilities in relation to complaints sitting with the Australian Financial Complaints Authority (AFCA) regarding the collapse of the Shield and First Guardian Master Funds.

The loss from the managed investment schemes is totalling over $1 billion from thousands of victims.

The group also recently farewelled its former chief executive Garry Crole, stating the departure is "in the best interests of the company and its stakeholders."

Crole has since been banned for 10 years by ASIC earlier this month.

In August, Sequoia also saw its chief financial officer Lizzie Tan leaving the company, while stating that it will not pay any dividends in the financial year, revoking interim dividend it had announced earlier.

Graeme Lay has been named the chief financial officer following Tan's departure,