Some big names will be absent from tomorrow's senate hearing into possible misconduct within the financial services industry, with managing director Chris Kelaher the only IOOF representative slated to attend.
The agenda, released last week on the parliamentary website, shows Mr Kelaher listed for an 11am interrogation. However, the man at the centre of some of the allegations, IOOF head of advice research Peter Hilton, is not listed to attend.
ASIC commissioner Greg Tanzer is expected to speak at 12:30pm and the corporate regulator has confirmed it is investigating IOOF.
Last week, the Senate called on at least two IOOF employees to go under parliamentary scrutiny tomorrow following allegations of front-running and insider trading at the financial services firm.
A spokesperson for Senator John Williams, who is convening the inquiry, said those who did not accept invitations would not be subject to a summons at this stage.
"It is up to the committee whether they would take the step of summonsing witnesses," he said.
Senator Sam Dastyari, who is chairman of the Senate Economics Committee, told ifa the committee would decide tomorrow whether to elevate the invitations to formal summonses. If the witness still refuses to attend after being summonsed, it will be considered an offence.
"Tuesday's hearing will give IOOF a chance to set the record straight and refute the allegations that have been made against staff, executives and board members," Mr Dastyari told ifa.
"If the allegations are true, shareholders should be deeply concerned," he added.
According to Fairfax Media, other invited representatives included IOOF chairman Roger Sexton and company secretary Danielle Corcoran. Fairfax also reported IOOF head of investigations Rob Urwin had agreed to participate, although he is not listed on tomorrow's agenda.
The call for the interrogation comes after Nationals Senator John Williams delivered a speech about IOOF to the Senate on 24 June.
Senator Williams named Mr Hilton, who is also head of research at IOOF dealer group Bridges, as a "person who allegedly engaged in front-running when he conducted trades on at least 53 occasions over some 20 years".
IOOF has thus far rebuffed claims that it had failed to notify the regulator of any misconduct.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all