The top brass at the big and scandal-plagued wealth manager IOOF have bowed to the inevitable and left the company before regulatory action to remove them from their positions was finalised.IOOF CEO Christopher Kelaher will leave the scandal-plagued wealth manger with a $1.3m payout
In a statement to the ASX, IOOF announced veteran chief executive Chris Kelaher would leave the company once his current leave expired on July 2. APRA took action following serious allegations that emerged at the banking royal commission and IOOF's reluctance to engage with the regulator over a number of long-running prudential concerns.
The banking commission heard in August that IOOF made an accounting error and sought to compensate its members for that mistake.
I want justice
Did they quit because of the RC? Unless I missed it, still no criminal charges. I am still not seeing value for money in the banking RC. $50 million just to be told what we already knew. Could it be that the LNP were right? There was no point in having a banking RC?