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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
