This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF.
Advice 'deficiencies' found in IOOF after ASIC probe smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
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IOOF advice licensees to implement changes following ASIC surveillance
IOOF has committed to taking remedial action to address deficiencies identified as a result of an ASIC surveillance of two financial advice licensees: Bridges Financial Services Pty Ltd (Bridges) and RI Advice Group Pty Ltd (RI Advice).
In December 2020, ASIC 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% (Bridges) and 17% (RI Advice) of the client files reviewed 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 in accordance with ASIC Regulatory Guide 256 Client review and remediation conducted by advice licensees.