Greg Johnston, the managing director of Austbrokers Canberra, has been removed from his role after an internal investigation pointed to financial misconduct.

In a statement released to the market earlier today, AUB company secretary Justin Coss confirmed “preliminary findings” supported the misconduct allegations.

“Remedial action is being taken to address the misconduct and the relevant authorities, regulators and the affected client have been notified,” Coss wrote in the statement.

He also confirmed that AUB has engaged external advisors to assist in the ongoing investigation and insisted the impact of the matter would not be material.

AUB declined to answer follow-up questions, pointing to the ongoing investigation, but said both AUB and Austbrokers Canberra are “fully cooperating” with authorities.

“AUB Group has removed [Greg Johnston] as managing director and as director of the board, notified authorities, put in place measures to ensure continuity of client service, engaged external advisers and commenced an internal investigation,” read a statement provided to Insurance Business.