IOOF commissions independent review
IOOF has retained major consulting firm PWC to conduct an independent review into alleged regulatory breaches within its operations.
In a response to critical newspaper reporters regarding allegations of insider trading and front-running, the company announced to the Australian Securities Exchange (ASX) today that it PWC would immediately commence an independent review of the IOOF Group regulatory breach reporting policy and procedures and the control environment within its research division.
It said the review would be thorough and that the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) would be informed of the outcomes.
The company maintained its position that most of the matters raised in the newspaper reports were historic in nature and that the issues had been addressed.
"Nonetheless, IOOF has taken the decision to appoint PWC in the interests of providing clients and other stakeholders with confidence in the integrity of the company's controls in the Research division and its group regulatory breach reporting systems," the statement said.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
