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BRIEF-APRA Notes Judgment In Its Court Action Against IOOF Entities, Directors & Execs

Published 20/09/2019, 03:49 pm
© Reuters. BRIEF-APRA Notes Judgment In Its Court Action Against IOOF Entities, Directors & Execs

Sept 20 (Reuters) - AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY:

* AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY (APRA) NOTES JUDGMENT IN ITS COURT ACTION AGAINST IOOF ENTITIES, DIRECTORS AND EXECUTIVES

* EXAMINING LENGTHY JUDGMENT IN DETAIL AND WILL THEN MAKE A DECISION ON WHETHER TO PURSUE AN APPEAL

* ADDITIONAL LICENCE CONDITIONS THAT APRA IMPOSED ON IOOF IN DECEMBER ARE UNAFFECTED BY FRIDAY'S JUDGMENT AND REMAIN IN FORCE

* COURT DISMISSED APPLICATION FOR FINDING IOOF ENTITIES, DIRECTORS & EXECUTIVES CONTRAVENED OBLIGATIONS IN SUPERANNUATION INDUSTRY SUPERVISION ACT

* CASE CANNOT PROCEED TO A HEARING ON PENALTIES, INCLUDING DISQUALIFICATION

* "STILL BELIEVES THIS WAS AN IMPORTANT CASE TO PURSUE GIVEN NATURE, SERIOUSNESS & NUMBER OF POTENTIAL CONTRAVENTIONS APRA IDENTIFIED WITH IOOF"

* HAS SEEN SIGNIFICANT IMPROVEMENT IN THE LEVEL OF COOPERATION FROM IOOF SINCE THE CASE WAS LAUNCHED

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