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IOOF directors under scrutiny

Two directors of a New Zealand wealth management firm are in hot water with the Australian regulator.

Tuesday, December 11th 2018, 6:00AM 1 Comment

The Australian Prudential Regulation Authority (APRA) is taking action against IOOF.

It said it was concerned they had failed to act in the best interest of superannuation members in Australia.

It had started disqualification proceedings and was seeking to impose new license conditions and issue directions to regulated entities in the IOOF group.

The individuals in the disqualification proceedings including managing director Chris Kelaher and chief financial officer David Coulter, as well as the chair of the board and the company secretary, among others.

Coulter and Kelahar are two of four directors of IOOF's pared-down operations in New Zealand.

It has an office in Auckland and in Whangarei and operates the IOOF Integral Master Trust, which it said was one of the only asset class-based PIEs in New Zealand.

In its 2018 report, it said it was offering five funds in that trust, including a cash holding fund, fixed interest fund, two diversified options and a global equities funds.

There were 286.3 million units on issue at the end of March in the Diversified 60 fund, worth $1.56 each.

New Zealand IOOF's only shareholder is Australian Plan B Group Holdings and the IOOF branches previously traded as Plan B. Plan B earlier took over the books of Strategic Asset Management.

In Australia, the action could affect ANZ's sale of its OnePath business to IOOF. In New Zealand, its OnePath operations have been sold to Cigna. Its New Zealand investment management business was not part of the deal.

Tags: IOOF

« Law doesn't have to be broken for FMA to take actionASB appoints Vanguard as manager »

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Comments from our readers

On 11 December 2018 at 7:50 am Pragmatic said:
Something missed from this article: "As a result of today’s multiple APRA actions ANZ said it was “assessing its options” in relation to its October 2017 sale of OnePath Pensions and Investments business to IOOF"

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