Australian wealth manager IOOF identifies 67 rogue advisers

Embattled Australian wealth manager IOOF has told the House of Representatives Standing Committee on Economics it has identified 67 advisers it regards as being "in the higher-risk category" and are the likely culprits for the firm's A$223m client remediation bill. An IOOF spokesperson told the Financial Review that the conduct of the 67 advisers has been "reported to ASIC as a potential breach for the collective" and said IOOF will take the "necessary course of action" against individuals pending the findings of an independent review. The analysis only examined the 788 advisers in IO...