Financial regulator seeks to disqualify IOOF directors and top executives

Move comes after managing director’s appearance at banking royal commission to give evidence about treatment of super members

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 – which prompted the firm’s shares to crash 36% on Friday – comes after the IOOF managing director, Chris Kelaher, gave shocking evidence to the banking royal commission in August about its treatment of super members.

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Source: The Guardian
Financial regulator seeks to disqualify IOOF directors and top executives