IOOF wins in APRA court battle
IOOF has scored a victory against the Australian Prudential Regulation Authority (APRA) in the Federal Court.
The company welcomed the court’s decision and said it was reviewing the judgement before issuing a more formal statement.
APRA had brought proceedings against IOOF’s APRA-regulated entities IOOF Investment Management and Questor Financial Services and five individuals including the managing director, Chris Kelaher and chairman, George Venardos.
The court held that IOOF and the five individuals had not contravened the Superannuation Industry (Supervision) Act and declined to make orders disqualifying Kelaher, Venardos and the other individuals.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.