The corporate regulator has taken legal action against the formerly NAB-owned MLC Life for allegedly charging insurance premiums without paying benefits.
IOOF is seeking to become the country’s largest and cheapest financial advice provider but substantial costs associated with its acquisition strategy,and no guidance on future earnings has created uncertainty for investors,causing a 10 per cent stock fall.
IOOF wants to become Australia’s go-to destination for financial advice,but says it needs to restructure its network to make become more competitive. A major adviser cull is on the cards.
The powerful institutional investor advisory group ACSI says sexual harassment in the workplace is unacceptable.
A former IOOF executive has accused the wealth manager's deputy chief investment officer Stanley Yeo of sexual harassment.
IOOF chief executive Renato Mota is bucking the trend of bringing investment management services in-house,claiming it creates conflicts and threatens member returns.
The ASX-listed money manager has received a hefty protest vote over executive pay at its AGM from shareholders sceptical about the deal.
The head of financial services giant IOOF has called on the government to make financial advice tax deductible to make it more affordable after reforms to improve the standards in the industry have forced many advisors out the door.
IOOF's boss has played down the chances of the wealth manager making any more acquisitions,saying'we absolutely have our hands full.'
IOOF is set to become the country's largest wealth management business and second largest super fund after it takes over NAB's MLC Wealth business.
The deal will cement the big four banks'exit from the super industry following a long list of scandals and mounting customer remediation bills.