IOOF beholden to APRA to complete super transaction

27 August 2019
| By Mike |
image
image
expand image

IOOF has revealed the degree to which the Australian Prudential Regulation Authority (APRA) will have the ultimate say on whether it finally acquires the superannuation businesses of ANZ.

The company revealed in its results announcement to the Australian Securities Exchange (ASX) this week that recent amendments to the Superannuation Industry (Supervision) Act (SIS Act) had effectively given APRA an approval power of the controversial transaction.

The status of IOOF’s acquisition of the OnePath Pensions and Investments Business has been up in the air since issues were raised during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry.

The company told shareholders this week that final completion of the acquisition remained conditional on the receipt of notices from OnePath Custodians and ANZ that each had no objection to the transaction proceeding.

“IOOF continues to work cooperatively with OPC and ANZ to provide the information and resources necessary to facilitate those notices being given,” it said.

However, it then went on to state: “From 5 July, 2019, recent amendments to the SIS Act came into force, giving APRA an approval power in respect of the acquisition of controlling stakes in Registrable Superannuation Entity licensees. As such, receipt of an approval from APRA is now also a condition of completion of the Pensions and Investments acquisition.”

The announcement said IOOF was well advanced in preparation and submission of material to APRA “for due consideration of the matter”.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 19 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 10 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 14 hours ago