IOOF Holdings update on APRA licence conditions

Company News

by Rachael Jones

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.

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.