Logo
Registered Members Login:
   
Forgotten Your Details? Click Here To Recover +
Welcome to ShareScene - Talk Shares And Take Stock With Australia's Sharemarket Community - New Here? Click To Register >

Important Notice For All Members - ShareScene Is Moving

6 Pages (Click to Jump) V   1 2 3 4 > »    
 
  
Reply to this topic

IFL, IOOF HOLDINGS LIMITED
nipper
post Posted: Dec 8 2018, 11:15 AM
  Quote Post


Posts: 5,039
Thanks: 1878


QUOTE
A landmark lawsuit to ban top executives at one of the nation's biggest wealth managers from managing superannuation funds has sent the $2.8 trillion industry reeling.

In the wake of stinging criticism at the royal commission, the prudential regulator on Friday took its first court action against a superannuation company in ten years suing wealth manager IOOF and a suite of its top executives for allegedly not acting in the best interests of its superannuation members.


The Australian Prudential Regulation Authority (APRA) alleges that IOOF chief executive Chris Kelaher, chairman George Venardos along with three other executives are not fit and proper people to handle retirement savings due to their alleged lack of understanding of conflicts of interest within the group.

Experts said the move signalled APRA's gloves were off after years of being a more soft-touch regulator of retirement savings.......
https://www.smh.com.au/business/banking-and...207-p50ky9.html

- totally conflicted model; but that's the nature of financial intermediation. Sadly, most in the 'industry', it's not a profession, observe the torrent of money pouring down like rain, and all they have to do is stick their hands out and help themselves.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Dec 7 2018, 11:34 AM
  Quote Post


Posts: 5,074
Thanks: 2039


In Reply To: nipper's post @ Dec 7 2018, 09:46 AM

I loved this bit of arrogance - "IOOF said its compensation scheme met the "pub test", in part because it received no complaints from affected super fund members" rolleyes.gif

QUOTE
The commission heard in August that IOOF made an accounting error and sought to compensate its members for that mistake.

But instead of dipping into its own corporate resources, IOOF took money out of the superannuation funds it managed.

This led to Michael Hodge QC, counsel assisting the commission, to accuse the company of using members' money to compensate themselves.

He also accused IOOF of breaching its duties as a superannuation trustee — duties to put members' interests above all else, even profit.

IOOF said its compensation scheme met the "pub test", in part because it received no complaints from affected super fund members:


https://www.abc.net.au/news/2018-12-07/ioof...ection=business
https://www.shortman.com.au/stock?q=ifl
Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Dec 7 2018, 09:46 AM
  Quote Post


Posts: 5,039
Thanks: 1878


In Reply To: blacksheep's post @ Dec 7 2018, 09:35 AM

If interaction at the BDM level was a reflection on corporate culture, I'd never had a reaction as strong as with this outfit. "Cowboys" is polite.. RFYL



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Dec 7 2018, 09:35 AM
  Quote Post


Posts: 5,074
Thanks: 2039


SP down 27.48% @ $5.20 after APRA seeks disqualification orders

QUOTE
IOOF response to APRA notice and action
Last night, IOOF received a notice from APRA that it seeks to impose licence conditions on
IOOF’s APRA regulated entities, along with court proceedings and a show cause notice from
APRA in relation to alleged breaches of the Superannuation Industry (Supervision) Act 1993
(Cth).

The matters concerning the licence conditions largely cover initiatives that are already in
progress, or have been completed, in consultation with APRA. The proceedings seek certain
declarations and disqualification orders against Managing Director Chris Kelaher, Chairman
George Venardos, Chief Financial Officer David Coulter, Company Secretary Paul Vine and
General Counsel Gary Riordan.

A return date for the court proceedings has not been set. IOOF must respond to the show
cause notice within 14 days.

IOOF is disappointed that APRA seeks to impose licence conditions, commenced the
proceedings and issued the show cause notice. IOOF has been working cooperatively with
APRA to actively implement various agreed initiatives, which were most recently outlined at
the 2018 Annual General Meeting. The historical matters the subject of the proceedings were
disclosed to APRA a number of years ago. IOOF has already addressed or is addressing
them, and it has been constructively working with APRA to this end.

IOOF will continue to actively progress the agreed initiatives and will further consider the
allegations raised by APRA. However, IOOF believes that these allegations are misconceived,
and it and its executives intend to vigorously defend the proceedings.

Given that these matters are the subject of court proceedings, IOOF does not propose to
comment further at this stage.

Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Oct 30 2018, 12:34 PM
  Quote Post


Posts: 5,039
Thanks: 1878


In Reply To: daggie's post @ Oct 30 2018, 11:38 AM

QUOTE
The sale of ANZ superannuation to tarnished wealth conglomerate IOOF may be in jeopardy amid fallout from the banking royal commission, Bell Potter analyst Lafitani Sotiriou has warned.

IOOF this week told shareholders that the purchase of ANZ's OnePath pension and investments business is expected to be completed by the end of March next year.

A "successor funds transfer" will move 700,000 super fund members from the auspices of ANZ to IOOF.

However Mr Sotirou wrote in a note distributed to clients on Tuesday that there remained a risk the trustee board of ANZ's super funds may not see the deal as being in members' best interests, and therefore block the transaction.

Despite that, Mr Sotirou upgraded his investment recommendation on the stock from sell to hold on the basis that the structure of the deal was likely to mitigate a significant portion of earnings volatility for the next six months.
ructions still to come?



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: daggie  
 
daggie
post Posted: Oct 30 2018, 11:38 AM
  Quote Post


Posts: 960
Thanks: 12


In Reply To: macduffy's post @ Aug 27 2013, 01:11 PM

Hi Share Scene members. Would any of you own shares in IFL (IOOF)? The share price is going down
every day, without any particular news or any trade warning. Would you have any idea WHY???
Any idea will be appreciated. Thanks.

 


macduffy
post Posted: Aug 27 2013, 01:11 PM
  Quote Post


Posts: 2,379
Thanks: 263


Macquaries rate IFL "Outperform".

http://www.macquarie.com.au/dafiles/Intern...d=ODU0MDU0ODcS1

Disc: I hold.

 
Varmi
post Posted: Aug 25 2011, 01:17 PM
  Quote Post


Posts: 2,052
Thanks: 112


Quote - "Off the back of this strong result, and courtesy of its strong balance sheet and
simplified operating model, IOOF is ready for further new growth," concluded Mr Kelaher.
..snip..
Quote - "Operating costs have fallen 5% in 2010/11 translating to a 4% fall in IOOF's
cost to income ratio to 51% on an underlying basis excluding Ord Minnett and
benefit funds. This consistent reduction in costs has been coupled with a
continued investment in IOOF's IT systems."
Dividend yield ~ 7%

22c/share - Payment date = 20 Oct smile.gif





--------------------
"I learned that courage was not the absence of fear, but the triumph over it." - Nelson Mandela.
 
macduffy
post Posted: Aug 25 2011, 12:43 PM
  Quote Post


Posts: 2,379
Thanks: 263


Good result from IFL.

Underlying profit up 15%, increased dividend.

Market likes it too and SP up 6% today.


smile.gif


Said 'Thanks' for this post: Varmi  
 
Varmi
post Posted: Jun 14 2011, 03:26 PM
  Quote Post


Posts: 2,052
Thanks: 112


IFL makes bid for DKN Financial-

http://www.theaustralian.com.au/business/o...o-1226074876427
100F bid for DKN follows Snowball tilt at Shadforth
Tim Boreham From: The Australian June 14, 2011 12:18PM

THE emerging shakeout of the financial advisory sector gained pace today as IOOF lobbed an indicative $108 million proposal, at 75 cents a share, for smaller advisory rival DKN Financial.

The move comes hard on the heels of Snowball Group's $200m takeover offer for the unlisted Shadforth Financial Group. The backdrop, of course, is the government's Future of Financial Advice reforms, which will increase compliance costs and favour those players with economies of scale.

DKN has funds under administration of $7.92 billion - mainly in platforms - and covers 300 wealth-management practices (as well as 750 associate advisers). It also fully owns the Lonsdale dealer group.

IOOF, which already has 18 per cent of DKN, has $104bn in funds, which makes DKN a snack rather than sit-down meal.

Given its robust balance sheet, IOOF has been seen as a likely acquirer, so the DKN tilt shouldn't leave too many mouths agape. Then again, no one would have been surprised had IOOF (market cap $1.5bn) fallen prey to a bigger rival, such as a bank.

Both parties have been acquisitive in their own right: IOOF bought the Australian Wealth Management advisory business (formerly part of Tower) and then Skandia.
Only last week, DKN made a minority investment in the Sydney-based StrategyOne Advise Network.

IOOF's offer is pitched at a 47 per cent premium to Friday's closing price, which looks especially attractive in the current torrid market. Then again, there's no such thing as Father Christmas in takeovers, seasonal or otherwise: given DKN shares have retreated from 65c at the start of the year, IOOF could well be accused of being opportunistic.

Adding to the intrigue, Zurich is DKN's biggest holder on a 31 per cent stake, while the listed Count Financial is lurking on about 7 per cent.

With DKN in a trading halt, Criterion can only counsel a HOLD.

IOOF shares look a LONG-TERM BUY for those able to look beyond the gloom.



--------------------
"I learned that courage was not the absence of fear, but the triumph over it." - Nelson Mandela.
 
 


6 Pages (Click to Jump) V   1 2 3 4 > » 

Back To Top Of Page
Reply to this topic


You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


TERMS OF USE  -  CONTACT ADMIN  -  ADVERTISING