IOOF meets target for APRA conditions

Financial advice group IOOF believes it successfully completed all items required of it by the Australian Prudential Regulatory Authority (APRA) in time for its 30 June deadline.

IOOF had action initiated against it and licence conditions imposed by APRA last year following the Royal Commission in order to better separate the superannuation business from its wider business.

Some 145 items were actionable and in a statement to the Australian Securities Exchange today, IOOF said the items ‘have been completed’, following a report by an independent reviewer.

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Four other items related to the Office of the Superannuation Trustee which were outstanding from the 31 March quarter had also been completed.

IOOF chief executive, Renato Moto, who was appointed in June, said: “We have continued to work diligently to implement all items required under the licence conditions by the 30 June deadine. I am confident we are building an industry leading governance framework for the future, serving the interest of our members and clients".

Meanwhile the organisation appointed Michelle Somerville as an independent non-executive director from 1 October. This followed the appointment of Lindsay Smartt as another non-executive director earlier this year.  Somerville was previously an audit partner with KPMG and sits on several boards while Smartt was formerly chief risk officer at Munich Re Australia.

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