IOOF completes licence conditions

IOOF provided an update to investors on the state of its licence conditions imposed by APRA in December 2018.

The independent reviewer charged with assessing the status of compliance with the licence conditions identified 43 actionable items were required to be implemented by IOOF to meet the conditions.

Now, IOOF has said the independent reviewer found it completed all 43 of those actionable items for the quarter to September 30.

IOOF chief executive Renato Mota said: "We continue to make significant progress towards meeting all licence conditions required by APRA."

"Our focus on accelerating our investment in governance remains the cornerstone of ensuring that we are able to best serve the interests of our members and clients."

APRA imposed license conditions on IOOF and sought to disqualify several of its executive leaders in 2018 following the Royal Commission.

In April 2019, IOOF was found to have breached one of APRA's licence conditions when it failed to establish a dedicated superannuation trustee function by the deadline.

In September 2019, APRA lost a court action against IOOF and five of its senior officers in which it alleged that they had breached superannuation law.

Read more: IOOFAPRARenato MotaRoyal Commission
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