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Super Fund Scandal

IOOF has been in the press recently for all for wrong reasons, after APRA’s action wiped over $900 million dollars off the share-market, and their managing director and chairman later facing court over claims of mismanagement. In this case, the announcement couldn’t have come at a worse time, as the superannuation company is planning to purchase ANZ’s superannuation business, OnePath super, later this year. This makes IOOF the largest Australian financial advice company funds under management.

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