ASIC lets iSelect off the hook

Watchdog finds no breach of continuous disclosure after reviewing internal documents.

The Australian Securities and Investments Commission has said it will take no further action on its probe into insurance comparison website iSelect after it investigated the company's internal documents.

In a statement to the Australian Securities Exchange, iSelect (ISU) said it had received written confirmation from the corporate watchdog that its review of internal documents regarding allegations iSelect had failed to meet its continuous disclosure and fundraising obligations was "fully concluded".

“The purpose of this letter is to inform you that ASIC has concluded its review and decided that it will not take any further action at this stage," ASIC wrote.

The watchdog also said it would return the reviewed documents – including financial records, emails and meeting minutes – to iSelect.

On September 6, ASIC requested iSelect hand over internal documents to investigate allegations the company had failed to meet continuous disclosure and fundraising obligations.

iSelect listed on the Australian Securities Exchange in June, but has come under fire since admitting it failed to meet its revenue target in its profit announcement on August 29.

The company raised $215 million through its well-publicised public offering, but its shares fell 15% on debut.

iSelect has continued to maintain it was free from any wrongdoing.

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