(Adds IOOF's statement)
April 26 (Reuters) - Australian corporate regulator said on Monday wealth manager IOOF Holdings Ltd (IFL) will address wrongdoings in the operations of two of its financial advice licensees that suggested potential loss to clients.
The Australian Securities and Investments Commission Corporation (ASIC) in a review found that monitoring processes of IOOF's advice licensees, Bridges Financial Services and RI Advice Group, indicated "potential client detriment" in 15% and 17% of clients, respectively.
IOOF has agreed to develop and implement measures for both advisors to correct their processes in line with ASIC's findings, the regulator said.
ASIC added that it will watch over the implementation of the remedial action plans closely and at its conclusion, it will decide whether further regulatory action is needed.
In a filing to the stock exchange, Australia's top retail wealth manager said "less than five files contained indications of some potential client detriment" and are already part of IOOF's existing remediation program.
News: IFL UPDATE 1-Aussie regulator says IOOF to take corrective steps for two financial advisers
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