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
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
