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News: IFL UPDATE 1-Australia's IOOF profit plunges 68% on remediation charges

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    Aug 26 (Reuters) - Australian wealth manager IOOF Holdings Ltd (IFL) said on Monday that annual profit fell about 68%, hurt by remediation costs incurred after the Royal Commission inquiry into wrongdoing in the finance sector.

    Net profit came in at A$28.6 million ($19.32 million) for the year ended June 30, compared with a profit of A$88.3 million a year ago, the company said.

    The company said it provisioned for $182.7 million in remediation costs related to incidences of fees for no service, inadequate documentation and inappropriate advice.

    IOOF said it also spent $40.4 million in programme costs as well as $12.1 million in product remediation in full-year 2019.

    IOOF is facing intense scrutiny after the wealth manager said in April that three subsidiaries had received notices from the pension fund regulator saying they were not in full compliance with their licence conditions.

    In June, IOOF's acting chief executive officer, Renato Mota, took over on a permanent basis, six months after his predecessor stepped aside to fight regulator action.

    The Australian Prudential Regulation Authority (APRA) alleged that IOOF used pension customers' funds to compensate investors for losses caused by the company, and also sought to disqualify several top executives of the company.

    IOOF declared a final dividend of 12 cents per share and a special dividend of 7 cents per share. ($1 = 1.4806 Australian dollars)

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