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2.financial advice, 2.Strategy

11 Aug 2018 (AFR) – IOOF super fund staff raided member reserves

[COMMENT: Talk about having trust in our large financial institutions. Some even lie to the regulator.]

(11 August 2018, AFR, p1, by James Frost)

‘Staff at wealth manager IOOF raided a reserve fund to fix their own bungle then lied to both customers and the regulator about what had transpired, the Hayne royal commission heard on Friday. The fifth day of hearings into superannuation continued the week-long exposure of the shadowy world of super trustees, who are obliged to act in the best interests of fund members but have repeatedly been shown to be compromised by commercial allegiances.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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