Australian Securities & Investments Commission (Asic) targets former ANZ advisory firm for ‘bad advice’ and ‘cookie cutter’ approach in relation to sale of structured products.

The Australian watchdog has commenced court action today against RI Advice Group, formerly owned by ANZ financial advice business, until its recent acquisition by advisory firm IOOF, and a former financial adviser at RI Advice. According to the regulator, RI Advice failed to take reasonable steps to ensure that financial advisor John Doyle provided ‘appropriate advice, acted in clients’ best interests and put his clients’ interests ahead of his own, as required by law&rsq

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