https://www.copyright link/companie...e-group-over-hayne-case-study-20191031-p5364t
Gist of article for those that cant get through paywall, ASIC alleges that RI Advice (previously owned ANZ licensee) failed to take reasonable steps to ensure adviser's actions. Adviser in question was practicing between 2013 and 2016 and alleged to have been paid cash bonuses by bank in order to maximise revenue from conflicted remuneration and accused of advising clients into complex products without properly considering personal needs.
Assuming this is the main cause for today's drop
ASIC sues IOOF-owned RI Advice and former adviser
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