As noted in IOOF’s statement of 22 June 2015, the company is committed to ensuring it meets the highest standards of governance and compliance in its different businesses.
In accordance with this approach, IOOF has engaged PwC to immediately commence an independent review of the IOOF Group regulatory breach reporting policy and procedures and the control environment within our Research division. This will be a thorough review and it is our intention to inform ASIC and APRA of the outcomes.
Most of the matters raised in the Fairfax press are historic in nature and IOOF believes all these issues have been addressed, including where relevant, thorough internal and board review, notifying industry regulators, ongoing review of compliance measures and controls, employee education and independent investigations. These initiatives have, where necessary, led to enhancement of processes and procedures and sought to improve the client experienced meet expected standards of compliance.
Nonetheless, IOOF has taken the decision to appoint PwC in the interests of providing clients and other stakeholders with confidence i the integrity of the company;s controls in the Research division and its group regulatory breach reporting systems and the role they play in supporting IOOF’s commitment to acting at all times in the client’s best interests.
Detail of the scope of the review is set out below.
Source: IOOF
