IOOF’s OnePath transaction gets parliamentary scrutiny

IOOF/OnePath/ANZ/superannuation/Alexis-George/parliamentary-committee/Royal-Commission/Royal-Commission-final-report/

13 February 2019
| By Mike |
image
image image
expand image

A key parliamentary committee has thrown more focus on the future of IOOF’s acquisition of the ANZ’s OnePath pensions and investments business and the now critical role of the trustee board.

The House of Representatives Economic Committee report stemming on its fourth Review of the Four Major Banks specifically traversed the status of the IOOF/ANZ transaction and noted that it was proving to be complex.

The committee report said ANZ’s deputy chief executive, Alexis George had been asked about the status of the sale and had said that it was incomplete.

The report also noted that George had said she was “conscious of the legal requirement for ANZ to act in the best interests of the members of its superannuation fund throughout the transition process”.

“The committee pointed to failures of governance and compliance by IOOF highlighted during the Royal Commission’s superannuation hearings and questioned how the sale of OnePath P&I could be in the best interests of its members,” the report said.

“Ms George responded by stating: we've had multiple contacts, formally and informally, with the management and with the board of IOOF to inquire about the issues that arose and what they were doing to address those, what they had done to address those in the past.”

“In addition, Ms George noted there is an independent trustee board to provide a check and balance against ANZ’s decisions,” the report said.

The committee’s report follows on from the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry which specifically referenced the key role of the OnePath trustee board and complemented it on the independence it had demonstrated to that point.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 month 1 week ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 months ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 months 1 week ago

ASIC has canceled the AFSL of Sydney-based asset consultant and research firm....

1 week 3 days ago

The Reserve Bank of Australia has announced its latest interest rate decision following this week's monetary policy meeting....

2 weeks 5 days ago

A former financial adviser who stole $4.4 million from his family and friends to feed gambling debts has been permanently banned by ASIC....

3 weeks 2 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
moneymanagement logo