Insignia (ASX:IFL) flags AISC allegations

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Insignia (ASX:IFL) flags AISC allegations

Insignia (IFL), AISC allegation, OnePath
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Highlights

  • AISC takes action against OnePath Custodians regarding Adviser Service Fee.
  • AISC has also alleged that IFL has deducted AU$4.3 million plan service fee from its members since 2015 without proper intimation.
  • OnePath and ANZ compensate their members while IFL works to resolve the raised issue.

Followed by ASIC’s announcement today regarding its action against OnePath, the Australian diversified financial firm Insignia Financial (ASX:IFL) shared that it is carefully considering the actions of ASIC’s move along with OnePath. AISC has likely taken action against OnePath Custodians due to its disclosure of Adviser Service Fees regarding the Integra Super product.

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ASIC’s announcement has raised flags regaled to the issues arising before Insignia’s ANZ Pension & Investment acquisition in January 2020. ASIC has alleged that IFL has deducted Plan Service Fees worth approximately AU$4.3 million from its members since December 2015 without proper disclosure.

At present, OnePath and ANZ are focusing on compensating their impacted members, which is expected to be completed by December 2021. On the other hand, IFL is focused on solving the issues raised on OPC’s Plan Service Fee.

Meanwhile, on the ASX, the IFL stock was spotted trading a tad higher at AU$3.630 per share at 12:57 PM AEDT.

Bottom line:

Irrespective of all the allegations thrown by ASIC, IFL continues to focus on developing and executing its product and platform simplification plans and is confident this program will improve member outcomes.

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