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
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
