Wealth Manager, IOOF (ASX:IFL) has announced the Australian Prudential Regulation Authority will not appeal the Federal Court's decision to dismiss its case against IOOF after the deadline for the regulator to lodge an appeal passed.
The deadline for APRA to lodge an appeal was due to lapse today and APRA has announced that it will not appeal the matter.
The Federal Court dismissed the APRA attack on the wealth management company in a judgement last month, calling its case "unpersuasive" and ordering the regulator to pay costs.
IOOF says it continues to work towards completion of the ANZ P&I business acquisition while supporting positive member outcomes, underpinned by stronger governance and higher standards.
Shares in IOOF (ASX:IFL) are trading 3.69 per cent higher at $7.31.