APRA last night notified wealth manager IOOF (ASX:IFL) that they are calling on disqualifying a host of senior executives including Managing Director Chris Kelaher and Chairman George Venardos.
APRA seeks to impose licence conditions on IOOF’s APRA regulated entities, along with court proceedings in relation to alleged breaches of the Superannuation Industry.
Proceedings have begun to disqualify five senior employees for failing to act in their members' interests.
A return date for the court proceedings has not been set.
IOOF released a statement this morning saying it has been constructively working with APRA.
However, IOOF believes that these allegations are misconceived, and it and its executives intend to vigorously defend the proceedings.
Shares in IOOF (ASX:IFL) are trading 27.9 per cent lower at $5.17.