IOOF has committed to taking remedial action to address deficiencies identified as a result of an ob体育 surveillance of two financial advice licensees: Bridges Financial Services Pty Ltd (Bridges) and RI Advice Group Pty Ltd (RI Advice).
In December 2020, ob体育 completed a review of the licensees鈥� supervision and monitoring processes and the quality of advice their advisers provided to a sample of clients.
ob体育 found that 15% (Bridges) and 17% (RI Advice) of the client files reviewed contained indications of some potential client detriment.
In response to ob体育鈥檚 findings, IOOF has agreed to develop and implement remedial action plans for Bridges and RI Advice to address ob体育鈥檚 findings and concerns, including, where appropriate, client review and remediation programs in accordance with ob体育 Regulatory Guide 256 Client review and remediation conducted by advice licensees.
IOOF has also agreed to provide ob体育鈥檚 findings to the boards of directors of Bridges, RI Advice and IOOF Holdings Ltd.
ob体育 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.