IOOF and ANZ are working towards the completion of IOOF purchasing of OnePath Custodians and Oasis Fund Management from the bank by 31 January, 2020.
In an announcement to the Australian Securities Exchange (ASX), IOOF said it welcomed the approval from the Australian Prudential and Regulation Authority (APRA) and that this was the last requirements in relation to the transfer of the ANZ Wealth Pension an Investments business (ANZ P&I) to IOOF.
IOOF chief executive, Renato Mota, said: “APRA’s approval represents an important milestone and allows for the creation of an industry leading advice-led wealth management organisation”.
“Our recent investment into uplifting governance and client focus provides a valuable foundation which will benefit all clients and members including those from the ANZ P&I business.”
A separate announcement by ANZ said the bank estimated it would increase ANZ’s APRA CET1 capital ratio by about 20 basis points.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
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