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IOOF financial advice unit RI Advice has escaped a penalty in a test case alleging cybersecurity failures, but the firm must engage an IT security company and pay the corporate regulator's legal costs.
A judge has hit IOOF unit RI Advice with a $6 million penalty for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments, despite earlier expressing concerns the penalty may not have enough sting.
A judge has raised concerns about a $6 million penalty proposed by the Australian Securities and Investments Commission against IOOF unit RI Advice for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments.
The lead applicant in a superannuation class action against two IOOF units has successfully appealed a decision that barred the case from proceeding under a carveout in Victoria's Supreme Court Act forbidding class actions involving trust property.
A judge has given the green light to expanded misconduct allegations in a shareholder class action against IOOF, including claims of insider trading and front-running.
IOOF unit RI Advice has lost its bid to strike out ASIC’s novel case claiming it failed to protect its clients against cybersecurity risks, but a judge has chastised the regulator for causing “needless confusion” and “wasted time”.
An IOOF unit accused of failing to protect its clients against cybersecurity risks has slammed ASIC’s claims in the novel case, describing the regulator’s further amended statement of claim as “grossly unfair” and “completely incoherent”.
The applicant in a shareholder class action against IOOF wants to add ten new misconduct allegations, including that a relative of a former executive made $69,000 by offloading shares.
The Australian Securities and Investments Commission has won its case against IOOF unit RI Advice, with a judge finding the financial services firm failed to ensure its advisers acted in the best interests of clients and did not give inappropriate advice.
A tribunal has rejected a bid for review of ASIC's decision to permanently ban an RI Advice financial planner who was accused of double charging his clients.