IOOF licensees in ASIC remedial action
IOOF is taking remediation action in response to deficiencies identified by the Australian Securities and Investments Commission (ASIC) regarding its financial planning licensees – Bridges Financial Services and RI Advice.
The regulator has announced the arrangement today noting that it had in December, last year, completed a review of the licensees’ supervision and monitoring processes and the quality of advice their advisers provided to a sample of clients.
ASIC found that 15% of Bridges and 17% of RI Advice client files contained indications of some client detriment.
It said that in response to ASIC’s findings, IOOF had agreed to develop and implement remedial action plans to address the findings and concerns, including where appropriate review and remediation programs.
ASIC said IOOF had also agreed to provide ASIC’s findings to the boards of the licensees and IOOF.
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
