Professional Investment Services (PIS) may consider limiting the choice of products on its approved product list (APL) if regulatory reform calls for it, the advice firm's group managing director has said.
Graham Evans said the dealer group would consider amending its APL depending on the outcome of proposed industry reforms.
"We are obviously watching carefully and participating in the process of what's happening in regulatory reform, and depending on which way that goes, it could mean that it would be necessary for PIS to reduce choice through that process," Evans said.
"But we haven't gotten to that stage and it's not on the immediate agenda."
He said the firm, through its parent company Professional Investment Holdings (PIH), is also adopting a wait-and-see attitude in regards to what Aviva's intention is with its 19.4 per cent shareholding in the group.
"We will be having discussions with Aviva but we have no idea what their intentions are there and we'll just probably have to wait and see," Evans said.
Late last month, MLC announced it will not exercise its option to purchase the parcel of PIH shares held by Aviva.
Meanwhile, PIH has made 15 roles redundant as part of the group's internal changes announced late last month.
"At last count, I think there were some 15 roles that have been made redundant ... they were mainly administrative roles," Evans said.
He said the decision to make redundancies is part of the group's process of making its structure align with its strategy.
"Secondly, it's about making sure that the business is actually being operated on an effective basis, so we've tried to do some things and reorganise other areas where we need to change the ways we do some things," Evans said.
The merger is expected to be completed by December this year.
