The institution has confirmed that a compensation law firm has filed a class action against one of its super businesses concerning "unnecessary commissions" paid to advisers.
In a statement, IOOF said Slater and Gordon had filed a class action against OnePath Custodians - the super business it purchased from ANZ - on behalf of members of ANZ and OnePath super products.
A statement from the compensation firm said the action alleged that trustees of the super products had "breached their duties to members by charging excessive fees in order to pay unnecessary commissions to advisers, resulting in high fees for no additional benefit to members".
The claim relates to commissions paid prior to 30 June 2013.
The action also alleged that trustees of the products had committed a further breach by placing member funds invested in cash options into ANZ accounts "rather than shopping around for better interest rates".
IOOF said OnePath Custodians had not yet been served with the proceedings but that it was the business's intention to defend the claims.
After Labor has secured a somewhat surprising landslide win in the federal election, the FSC CEO said this will now be a ...
Platform executives are pushing for more advice revenue to be invested in advice tech capabilities, labelling the ...
Praemium has deemed financial advisers “critical” as high-net-worth investors’ hunger for alternative assets continues ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin