IOOF ‘deals with it’
FINANCIAL services group IOOF says it has properly dealt with all cases of misconduct by its staff and no clients have been affected.
The company was responding to claims that in IOOF’s prior investigations of misconduct within its business, including allegations of insider trading and cheating on exams, it had failed to always notify the corporate regulator.
But IOOF, which has more than 650,000 customers and $150 billion in funds under management, said all issues had been dealt with and clients had not been affected. “To the best of our knowledge, none of the issues raised will cause any loss to any IOOF client,” IOOF said in a statement.
However, the company’s shares closed sharply down, off 13 per cent to $9.24.