IOOF CEO Renato Mota
IOOF has committed to taking remedial action against its Bridges Financial Services and RI Advice licensees after an investigation by the corporate regulator revealed “deficiencies” with the groups’ supervision processes and the quality of advice provided.
According to the review, which concluded in December 2020 and involved separate samples of clients files, 15 per cent of Bridges’ files and 17 per cent of RI Advice files “contained indications of some potential client detriment”.
“In response to ASIC’s findings, IOOF has agreed to develop and implement remedial action plans for Bridges and RI Advice to address ASIC’s findings and concerns, including, where appropriate, client review and remediation programs…” an ASIC statement read.