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
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
