IOOF identifies 67 ‘high risk’ advisers

IOOF/financial-advisers/client-remediation/superannuation/super/

10 January 2020
| By Mike |
image
image
expand image

IOOF has confirmed that it has been late to the party on financial adviser client remediation but expect to begin the process early this year, having identified 67 advisers it regards as being “in the higher-risk category”.

The company revealed its position in an answer to a question on notice received during the hearings of the House of Representatives Standing Committee on Economics as part of its review into the superannuation sector.

Despite earlier having referenced provisioning for a remediation bill in the order of $223 million, IOOF acknowledged that it had not actually commenced making remediation payments because it was still collecting and assessing the data.

“We have directed significant resources towards remediation and have engaged independent experts (one for investigations and another for remediation) to develop and implement (and therefore expedite) the remediation process,” the company’s answer said.

It said this would “help ensure we achieve the best outcome for our clients”.

“Until we complete our analysis, it would not be prudent to estimate how many clients are impacted,” it said.

IOOF’s answer said that all analysis to date had been based on adviser numbers, “where we identified 67 advisers in the higher-risk category”.

“We expect remediation payments to begin in early 2020,” it said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS