The Australian Securities and Investments Commission imposed additional conditions on the country’s second-largest wealth manager IOOF, as its restructuring led it to seek a license variation.
ASIC imposed additional license conditions that include stricter governance, the establishment of a separate compliance unit and the appointment of an «independent expert, approved by ASIC, to report on their assessment of the implementation of the additional license conditions».
«ASIC will use its licensing power, including through the imposition of tailored license conditions to address governance weaknesses, the risk of poor conduct or vulnerabilities to conflicts of interest in a licensee’s business model,» said ASIC commissioner Danielle Press in a statement.
Founded in 1846, major Australian wealth manager IOOF has around 500,000 clients with nearly A$150 billion ($102 billion) of funds under management, advice and administration (FUMA).
