APRA relooks at IOOF and CFS
The Australian Prudential Regulation Authority (APRA) has reopened its investigations into the IOOF and Colonial First State superannuation businesses in the wake of testimony given to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The regulator has used its written submission responding to the Royal Commission’s recent superannuation hearings to explain that while it had already dealt with matters relating to Colonial First State Investments Limited and IOOF Investment Management/Questor it is now looking at further issues.
APRA said that the issues raised during the Royal Commission had also been raised by the regulator.
“APRA achieved outcomes which, on the information known at the time, were considered to be in the long-term best interests of members,” the APRA submission said. “However, the Commission has brought additional information to light, some of which appears inconsistent with information previously provided to APRA. APRA is examining these issues further to consider whether additional action is necessary.”
The submission also said that the fact that APRA had not commenced litigation against the two companies did not mean further remediation would not be demanded.
“APRA actively considered taking proceedings in the IOOF case,” it said.
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.
