IOOF confident on APRA deadline

IOOF Holdings has declared it is confident it can meet the Australian Prudential Regulation Authority’s (APRA’s) deadline on meeting the licence conditions on its superannuation businesses.

In an announcement to the Australian Securities Exchange (ASX) yesterday, IOOF said that APRA had provided the company with formal directions relating to the Office of the Superannuation Trustee (OST).

It said the directions were in line with APRA’s preliminary findings in April in respect of which the APRA-regulated entities received a show cause notice from APRA.

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The statement said IOOF had responded to APRA’s show cause notice and continued to take steps to implement and maintain the OST within the operations of the Group.

“IOOF remains confident of meeting APRA’s deadline of the end of June 2019 for the implementation and maintenance of the OST,” it said.

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