The Board of IOOF Holdings (ASX:IFL) have now provided formal directions relating to the Office of the Superannuation Trustee (OST), in line with APRA.
The directions are with APRA’s preliminary findings in April in respect of which the APRA Regulated Entities (AREs) to a ‘show cause notice’ from APRA.
APRA imposed additional conditions on the licences or registration of IOOF-owned subsidiaries, I.O.O.F. Investment Management, Australian Executor Trustees and IOOF in December 2018, after launching disqualification proceedings against five IOOF directors and executives.
IOOF remains confident of meeting APRA’s deadline of the end of June 2019 for the implementation and maintenance of the Office of the Superannuation Trustee.
Shares in IOOF Holdings (ASX:IFL) are trading 6.8 per cent lower at $5.39.