IOOF Holdings (ASX:IFL) update on APRA licence conditions

Company News

by Katrina Bullock

Diversified financial service provider, IOOF Holdings (ASX:IFL) has complied with the 43 actionable items identified by the independent reviewer to fulfil the licence conditions imposed by the Australian Prudential Regulation Authority in December 2018.

APRA imposed the conditions on the licenses of IOOF Investment Management Limited, Australian Executor Trustees Limited and IOOF Ltd following issues and concerns raised relating to the entities’ organisational structure, governance and conflicts management frameworks.

The independent reviewer has finalised their report which notes that all 43 actionable items required for validation for the quarter ending 30 September 2019 have been completed.

IOOF CEO, Renato Mota said, “We continue to make significant progress towards meeting all licence conditions required by APRA. Our focus on accelerating our investment in governance remains the cornerstone of ensuring that we are able to best serve the interests of our members and clients.”

Shares in IOOF Holdings (ASX:IFL) closed 2.66 per cent lower at $7.69 yesterday.