IOOF denies dealer groups can influence platform inclusions
At the same time as making its acquisition move on MLC Wealth, IOOF has denied to a Parliamentary Committee that dealer groups can influence either its approved product lists (APLs) or what goes on its platforms.
Answering questions on notice from the House of Representatives Standing Committee on Economics, IOOF denied that either it or any entities it controlled allowed financial advice dealer groups to add managed investment schemes (MISs) to its platforms or recommended product lists.
Instead, it claimed that while a dealer group or a financial adviser could request that a particular MIS be added to an investment menu on an IOOF platform, whether it was included or not was a matter for independent assessment and oversight.
“This will be subject to the applicable criteria and ongoing oversight in accordance with the Investment Governance Framework,” IOOF said.
“Financial advice dealer groups cannot influence the addition of managed investment schemes to platforms or recommended product lists.”
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
