What do APRA’s proceedings against IOOF mean for super?

Alex Burke,  Senior Writer,  No More Practice Education

You may already be aware that IOOF managing director Chris Kelaher and chair George Venardos stepped down from their respective roles two days ago.

They did so to fight APRA's disqualification proceedings against them – along with chief financial officer David Coulter, risk and compliance general manager Paul Vine and general counsel Gary Riordan – which, if successful, would find them ineligible to be or act "as a responsible person of a trustee of a superannuation entity."

The regulator also imposed additional license conditions on IOOF entities including IOOF Investment Management Limited (IIML) and Australian Executor Trustees Limited (AET). This was done, APRA explained, based on "issues and concerns ... since 2015 relating to the entities’ organisational structure, governance and conflicts management frameworks, and require the entities to address these within specified timeframes."

Following APRA's announcement, IOOF's share price dropped to a six-year low and the acquisition of ANZ's financial planning business

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