Most Recent
ASIC uncovers ‘deficiencies’ in advice by IOOF units
ASIC 2021-04-26 1:53 pm By Cat Fredenburgh Melbourne
An ASIC review has found that 17 per cent of clients of IOOF unit RI Advice may have been exposed to harm, one month after a judge found that one of its former advisors violated the law by steering investors towards risky investments.
ASIC triumphs in ‘bad advice’ case against IOOF unit
ASIC 2021-03-24 12:29 pm By Miklos Bolza Sydney
A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.
‘Completely futile’: ASIC resists mediation push from judge concerned about cost of IOOF trial
ASIC 2021-02-08 12:25 pm By Spencer Fowler Steen Melbourne
A judge has ordered ASIC to enter mediation before heading into a "very expensive" trial with an IOOF subsidiary accused of giving shonky advice, over objections from the regulator that mediation would be "completely futile".
Sparke Helmore off the hook as IOOF unit loses appeal of $76M judgment
Acting Justice Arthur Emmett 2021-02-05 6:34 pm By Miklos Bolza Sydney
IOOF subsidiary Australian Executor Trustees failed to drag law firm Sparke Helmore into a case after it was hit with a $76.6 million judgment over breaches of duty in the sale of a 42,000 hectare timber plantation by collapsed forestry giant Gunns Group.
Senior IOOF executive accused of sexually harassing employee at her wedding
Employment 2021-01-15 3:25 pm By Miklos Bolza Sydney
A former portfolio manager of IOOF has sued the firm for discrimination and breaches of the Fair Work Act, alleging she was groped on the breasts by a high ranking senior executive on her wedding day.
All judge wants for Christmas is IOOF class action evidence
Caspar Conde 2020-12-16 4:39 pm By Miklos Bolza Sydney
A Federal Court judge taking over a shareholder class action against IOOF Holdings from a recent High Court appointment has lamented the lack of progress in the case, which has been ongoing for nine months.
IOOF sacked communications chief after she revealed mental disability, suit says
Employment 2020-10-01 11:53 am By Cat Fredenburgh Melbourne
The former communications chief for IOOF claims she was terminated after revealing she suffered from a mental disability and sought a less stressful role.
IOOF unit can’t stop ASIC from using royal commission evidence
ANZ 2020-09-07 6:37 pm By Miklos Bolza Sydney
An IOOF subsidiary sued over "bad advice" has failed in its bid to stop ASIC from using documents from the banking royal commission as evidence in the case, with a judge saying the company had already provided the material to the financial watchdog without objection.
$1.4B MLC acquisition puts IOOF on the hook for class actions, ASIC case
ASIC 2020-08-31 9:59 pm By Miklos Bolza Sydney
Financial services giant IOOF Holdings will be on the hook for any judgments or settlements reached in two class actions and an ASIC lawsuit as part of its $1.4 billion acquisition of NAB wealth management unit MLC.
IOOF admits head of research had underlings take his compliance training
Class Actions 2020-07-20 6:09 pm By Christine Caulfield Melbourne
IOOF has admitted that some allegations in an employee complaint at the centre of a shareholder class action were "substantially true", including claims that it overstated the performance of its 'Buy Model' investment portfolio and that its head of research instructed subordinates to complete his training courses for him.