IOOF gets MySuper sign-off
IOOF has received its MySuper license approval from the Australian Prudential Regulation Authority (APRA) and has signalled it will be offering a "dynamically managed diversified investment strategy" via its IOOF Balanced Investor Trust.
The company said it would begin offering its MySuper product from 1 January, next year.
Commenting on gaining APRA approval for the MySuper product, IOOF managing director Chris Kelaher said it offered members an appropriate investment option for those who don't make a choice.
"Our superannuation platforms have always offered clients and advisers access to quality investment options, industry leading customer service and value for money. IOOF MySuper is simply a continuation of this approach," he said.
Kelaher said that instead of adopting a lifecycle fund strategy in MySuper, IOOF would offer investors a dynamically managed diversified investment strategy via the IOOF Balanced Investor Trust.
"IOOF will look to complement this solution with a range of tools and services to help investors manage retirement outcomes incorporating a range of factors including time to retirement," he said.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
