IOOF unit fined $6M for financial adviser’s bad advice

Caroline Kenny 2022-02-03 6:26 pm By Cat Fredenburgh | Melbourne

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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.

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