APRA seeks to disqualify five IOOF executives

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.