IOOF staff refuse to implement fee hikes

Advisers at financial services company IOOF have criticised as "unfathomable" and "arrogant" management plans to impose steep fee hikes on its own superannuation customers, forcing a back down.

Two thirds of the 150 financial planners employed by Bridges Financial Planners rebelled against the move to impose the fees on 326,000 members holding $26 billion in super funds, saying the move showed "a complete lack of judgment" as the banking royal commission continues, The Australian reports on Wednesday.

"Quite simply these news fee arrangements are there to increase revenue for IOOF at the expense of our clients. Given the criticism of AMP ... we find it unfathomable that IOOF would be implementing these fee changes," the scathing letter to IOOF executives, dated May 2, said.