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.
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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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