IOOF identifies 67 high risk advisers

Embattled wealth manager IOOF has told the House of Representatives Standing Committee on Economics that it has identified 67 "higher risk" financial advisers within its business.

The number comes as IOOF fronts the committee to answer questions previously taken on notice, as part of the parliament's review into the financial services and superannuation industry.

The wealth manager also admitted to lagging behind when it comes to making remediation payments, saying until it completes a full analysis of the situation it would "not be prudent" to estimate how many clients have been impacted.

"IOOF has not commenced making the remediation payments that form part of this provision as we are still in the process of collecting and assessing remediation data. However, we are committed to ensuring this process is completed as quickly as possible," IOOF said.

"We have directed significant resources towards remediation and have engaged independent experts (one for investigations and another for remediation) to develop and implement (and therefore expedite) the remediation process. This will help us ensure we achieve the best outcome for our clients."

The wealth manager said it expects remediation payments to begin this year and will be able to provide further information once it has completed its internal analysis.

Despite remediation payments lagging behind the big four banks, IOOF said it believes doing analysis over a six month period would be considered "reasonably swift".

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