IOOF fends off APRA proceedings

Company News

by Katrina Bullock

IOOF Holdings (ASX:IFL) has successfully fended off the proceedings brought by the Australian Prudential Regulation Authority (APRA) against two of its entities - IOOF Investment Management and Questor Financial Services.

The proceedings relate to alleged breaches of the Superannuation Industry (Supervision) Act 1993 (Cth).

The Federal Court of Australia held that these entities, and the five individuals named in the suit who were responsible persons of those entities at relevant times, did not contravene the Act.

The court awarded costs in IOOF’s favour.

IOOF is trading 6.7 per cent higher at $5.92.
 

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.