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.
Responding to ASIC's findings, Australia's largest retail wealth manager IOOF agreed to develop and implement measures for Bridges Financial and RI Advice to correct their processes in line with ASIC's findings.
"ASIC will review the implementation and progress of the remedial action plans after each phase is finalised, and again at conclusion, to consider whether further regulatory action is required," the corporate regulator said in a statement https://bit.ly/3vjILNf.
IOOF will also provide ASIC's findings to the board of Bridges Financial and RI Advice, the regulator added.
April 26 (Reuters) - Australian corporate regulator said on...
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