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IOOF completes APRA conditions

IOOF completes APRA conditions

— 1 minute read

IOOF has marked 145 actions issued by APRA as complete, after it previously failed to reach the regulator’s deadline for establishing a dedicated superannuation trustee governing body.

The wealth group said an independent review had confirmed the completion of all 145 items required to be implemented during the quarter to June 30. 

APRA imposed the license conditions on the wealth group in December, across its three APRA-regulated entity subsidiaries, after taking the company to court over alleged breaches of the Superannuation Industry (Supervision) Act. 

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It had four actionable items related to implementing a “dedicated business function” to support its super trustee companies, an Office of the Superannuation Trustee (OST). 

After IOOF missed the March target for the four OST items, APRA hit it with a breach notice and issued a new final deadline for June.

At the time, the company said the body’s foundations had already been established, but it decided not to dispute APRA’s notice.

IOOF chief executive Renato Mota said IOOF had worked diligently to meet the June deadline. 

“I am confident we are building an industry-leading governance framework for the future, serving the interests of our members and clients,” Mr Mota said.

Board renewal

The company has also progressed on its “board renewal processes,” having appointed new independent non-executive director Michelle Somerville and Lindsay Smartt as independent non-executive director on both the IOOF group and IOOF Investment Management boards.

Ms Somerville has previously sat on the boards of The GPT Group, Bank Australia and a number of other organisations, as well as having been an audit partner with KPMG Australia for nearly 14 years, with a focus on financial services. 

She will commence in her role with IOOF from 1 October.

IOOF chairman Allan Griffiths said Ms Somerville will bring deep and relevant finance, risk and governance experience.

“Michelle will be a natural successor to Jane Harvey as chair of the group audit committee and brings a number of other qualities to the board,” Mr Griffiths said.

Mr Smartt has been chief risk officer at Munich Re Australasia and had previously held senior finance and actuarial positions at MLC and Hannover Life Re. 

 

IOOF completes APRA conditions
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.

You can contact her on [email protected].

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