IOOF licensees in ASIC remedial action

IOOF is taking remediation action in response to deficiencies identified by the Australian Securities and Investments Commission (ASIC) regarding its financial planning licensees – Bridges Financial Services and RI Advice.

The regulator has announced the arrangement today noting that it had in December, last year, completed a review of the licensees’ supervision and monitoring processes and the quality of advice their advisers provided to a sample of clients.

ASIC found that 15% of Bridges and 17% of RI Advice client files contained indications of some client detriment.

Related News:

It said that in response to ASIC’s findings, IOOF had agreed to develop and implement remedial action plans to address the findings and concerns, including where appropriate review and remediation programs.

ASIC said IOOF had also agreed to provide ASIC’s findings to the boards of the licensees and IOOF.




Recommended for you

Comments

Comments

Where is the detail?
I didn't think 15% or 17% was that bad was 'some sort of detriment'

Just remember all you ex-ARs that the licensee is responsible, not you. Don't fall for any sort of "let's work together" invites. Before you know it you're dragged into a multi year bunfight where in at least one case they want the ex advisers to cough up half the so called restitution without any detail on the process that led to the outcome. Let IOOF handle it and stay out of their way.

Add new comment