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
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.
