Home / Life Insurance / ASIC says IOOF commits to remediation action
3 May 2021
IOOF has committed to take remedial action related to licensees Bridges Financial Services and RI Advice Group, the Australian Securities and Investments Commission (ASIC) says.
ASIC identified problems after completing a supervision and monitoring processes review in December and examining the quality of advice provided to a sample of clients.
The regulator found 15% of Bridges client files and 17% of those at RI Advice contained indications of some potential client detriment.
IOOF has agreed to “develop and implement remedial action plans” for the businesses and, where appropriate, client review and remediation programs in line with regulatory guidance, ASIC says.
The company will also provide ASIC’s findings to the Bridges, RI Advice and IOOF boards.
ASIC will review the remedial progress after each phase is finalised and at the end of the process to consider whether further regulatory action is required.