IOOF accused of insider trading - ASIC investigating
IOOF Holdings Limited's shares have plummeted after the Australian Securities and Investments Commission (ASIC) confirmed it was investigating the company following allegations by Fairfax Media of misconduct by senior staff , including insider trading.
In a statement to the Australian Securities Exchange, IOOF said most of the claims are "historic in nature" but acknowledged some were more recent.

"To the best of our knowledge and based on reasonable enquiries none of the issues raised in the article will cause any loss to any IOOF client, past or present."

Fairfax Media can also reveal further serious issues within IOOF, including the quality of its IT systems and several breaches and unit pricing errors within its cash management arm.

IOOF had notched up 16 breaches within its cash management trusts according to an internal document detailing its unit pricing breaches on a register, according to documents seen by Fairfax Media.

These include some investors receiving distributions that were too high, at the detriment to others who were paid out at a lower rate. Several of the breaches relate to mathematical errors by staff members at IOOF, non-compliance with the company's risk policies, and botched foreign exchange trades.