IFL - INSIGNIA FINANCIAL LIMITED

[blacksheep]

AMP shares are down 1.5 per cent at $2.59 and IOOF shares are down 3.7 per cent at $5.52.

 

Macquarie says AMP and IOOF have failed to make adequate arrangements to repay customers for practices unearthed by the Hayne royal commission.

 

The analysts at Macquarie estimate the two companies need to make additional provisions of more than $2 billion, James Frost reports.

Short positions as at 17th January, 2019 = 9.67%

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

[blacksheep]

An Upheaval Is Coming for Australian Banks

By Jackie Edwards

February 3, 2019, 8:00 AM GMT+11 Corrected February 3, 2019, 10:10 AM GMT+11

Inquiry may recommend financial firms be broken up, pay curbed

Bribery, forgery, charging the dead among scandals uncovered

 

Potential Charges

There will be some nervous people waiting to see if Hayne recommends criminal or civil charges against individuals or companies. The prospect of charges was raised during the hearings and all the big-four banks, AMP and IOOF acknowledged misconduct that in some instances may have breached the law. Hayne canâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢t lay charges, but he can recommend the public prosecutor consider bringing them.

https://www.bloomberg.com/news/articles/201...nd=premium-asia

total short positions as at 25/1/2019 = 9.13%

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

 

[blacksheep]

An Upheaval Is Coming for Australian Banks

By Jackie Edwards

February 3, 2019, 8:00 AM GMT+11 Corrected February 3, 2019, 10:10 AM GMT+11

Inquiry may recommend financial firms be broken up, pay curbed

Bribery, forgery, charging the dead among scandals uncovered

 

Potential Charges

There will be some nervous people waiting to see if Hayne recommends criminal or civil charges against individuals or companies. The prospect of charges was raised during the hearings and all the big-four banks, AMP and IOOF acknowledged misconduct that in some instances may have breached the law. Hayne canâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢t lay charges, but he can recommend the public prosecutor consider bringing them.

https://www.bloomberg.com/news/articles/201...nd=premium-asia

total short positions as at 25/1/2019 = 9.13%

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

[blacksheep]

Updated chart - like the big 4 banks, IFL shorters appear to be covering hence the spike - SP currently up 12.91% @ $5.51

[nipper]

IOOF will buy Bendigo and Adelaide Bank's financial advice arm for $3 million and boost its funds under advice by $1 billion.

 

In an announcement to the Australian Securities Exchange on Wednesday, IOOF said it will take over Bendigo's client book and servicing rights, and provide financial planning services to Bendigo clients referred to it via an exclusive referral arrangement.

 

The acquisition is expected to complete on July 31.

 

IOOF said Bendigo advisers will approximately $1 billion of funds under advice.

 

Bendigo has also provided indemnities for any liability that may arise from Bendigo's conduct of its planning business prior to the completion of the deal, IOOF said.

 

IOOF acting chief executive Renato Mota said in a statement: âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“This partnership demonstrates how our diversified service capabilities continue to be attractive to advice groups looking to join a genuinely advice-led wealth manager.

 

"It is testament to our focus on our long-term vision and making advice more accessible to all Australians and we are pleased to deepen our partnership with an iconic community centric organisationâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ.

[nipper]

On 13 December 2021, IOOF Holdings Limited changed its name to Insignia Financial Limited, still ASX code of IFL