The corporate watchdog will take no formal action against financial services giant IOOF despite an inquiry finding "a number of concerns" relating to the governance at the company and its corporate culture.

The formal inquiry by the Australian Securities and Investments Commission found a number of concerns relating to IOOF's compliance arrangements, breach reporting, management of conflicts of interest, staff trading policy, disclosure, whistleblower management and protection and cyber security.

IOOF Chief Executive Chris Kelaher at a Senate hearing last year inquiring into IOOF's breaches. Credit:Peter Rae

ASIC said it had raised these concerns with IOOF.

"We have also advised IOOF that in our view the corporate culture at that time within IOOF contributed to these issues occurring," the regulator said.