POWERED BY MOMENTUM MEDIA
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
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
