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) today, 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.




How on earth has the recent successor fund transfer between IOOF and OnePath been given approval in the current situation ??
This is beyond understanding. Did APRA have to approve the deal between IOOF and OnePath regarding the transfer of
tens of thousands of OnePath client accounts to the IOOF Retirement Portfolio Service ?
It seems very intriguing that all correspondence being sent to OnePath clients refers ONLY to the Retirement Portfolio Service and includes no mention of IOOF !!
When a client who has had an account with OnePath for 20 years is notified of the transfer and is informed that it is IOOF and then reads of continuing compliance issues, legal challenges and APRA issues with their new product provider and Trustee, what do you think they will be considering ?
It is inconceivable this arrangement has been allowed to proceed in the current environment and smacks of ANZ just doing anything they possibly could to offload their wealth business as quickly as possible and to an organisation that is currently under questioning and challenges regarding superannuation licence conditions and show cause notices.
With more than enough ridiculous changes to superannuation including the debacle that is the
"protecting your super" program implemented by the Govt on a whim without due consideration to unintended consequences , the confidence of the client and the consumer in relation to superannuation in general just keeps being challenged by too many snouts in the trough and too many inconsistencies pushed by people from Canberra who do not live in adviser or client land and never will.

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