Business
Marched financial advisers rip $2b out of IOOF – The Australian Financial Review
IOOF’s assets under management took a hit as financial advisory firms deemed undesirable were marched in the wealth manager’s purge of its network.
That was offset by $700 million flowing into IOOF by way of new firms joining its licences.
The quarterly update follows the corporate regulator singling IOOF out on Monday for historic misconduct, with a probe of financial advice files finding up to 17 per cent exposed clients to potential detriment.
Mr Mota told the The Australian Financial Review the ASIC findings largely pre-dated the introduction of new audit standards for the IOOF financial advice operations, under which 140 individual advisers…
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