IOOF changes won't cross Tasman
It has been reported that it has halved its adviser headcount, claiming those who left were out of step with the company’s culture.
IOOF has been embroiled in scandal – earlier this month it was revealed that almost 60 clients had been compensated $2.8 million for poor advice.
There have also been allegations of insider training, claims of front-running, misrepresentation of performance figures, faulty research reports and junior staff asked to cheat on training.
An IOOF spokesperson told media it was inaccurate to link the allegations of misconduct with the wind-up of My Adviser and Plan B.
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