Financial regulator seeks to disqualify IOOF directors and top executives
The financial regulator is seeking to disqualify the directors and senior executives of one of Australia’s biggest wealth managers, IOOF Investment Management, for failing to act in the best interests of superannuation members.
The startling move on Friday – which prompted the firm’s shares to crash 36% – comes after the IOOF managing director, Chris Kelaher, gave shocking evidence to the banking royal commission in August about its treatment of super members.
At one point, Kelaher defended IOOF’s decision to compensate investors in a cash management trust, using their own money, for a... read more
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