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IFL - INSIGNIA FINANCIAL LIMITED


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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 :)

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  • 2 years later...
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  • 5 years later...
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?
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  • 1 month later...

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

 

IOOF response to APRA notice and action

Last night, IOOF received a notice from APRA that it seeks to impose licence conditions on

IOOFÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢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.

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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:

 

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 ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ 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

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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.

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Updated chart - appears to be two camps here - one camp buying/thinking it's cheap, the other shorting/thinking it's got further to fall - 3 notable short alerts in last 3 trading days. Short positions @ 6 December = 9.83%. currently #11 on Shortmans Top 100.

Tue 11th Dec, 2018 3,533,815 351,076,027 1.00% 7,343,675 48.12%

Mon 10th Dec, 2018 7,803,940 351,076,027 2.22% 12,468,635 62.59%

Fri 7th Dec, 2018 4,592,705 351,076,027 1.30% 16,068,820 28.58%

https://www.shortman.com.au/stock?q=IFL

 

SP currently up 3.92% @ $4.51

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  • 5 weeks later...

Stockbroker collapse traps $200 million from thousands of investors

extract

IOOF is indirectly linked to Halifax through its wholly owned subsidiary Australian Executor Trustees which is the custodian for all of Halifax's preferential shares.

 

Apart from the $2.5 million in paid up capital held by AET on behalf of a client, Halifax has three other shareholders - Mr Worboys and former directors Andrew Baxter and Michael Barnett.

https://www.theage.com.au/business/markets/...111-p50qr8.html

 

Short positions as at 7 January 2019 = 10.74%

https://www.shortman.com.au/stock?q=ifl

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