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.
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
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
