APRA issues proceedings against IOOF
Recommendation
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Indepth analysis of ASX listed shares
- BUY, Hold and Sell Recommendations
- Ideas Lab
- Special Reports
- Alan Kohler’s Weekend Briefing
- Interviews with CEO’s & top influencers
- Money Cafe and Talking Finance
- Super Advice and Q&A with Ask Alan
APRA has issued a slew of proceedings against IOOF's regulated entities and management. Among them, it is seeking disqualification orders against managing director Chris Kelaher, chairman George Venardos, chief financial officer David Coulter, company secretary Paul Vine and general counsel Gary Riordan. IOOF has responded that it believes the proceedings are 'misconceived, and it and its executives intend to vigorously defend the proceedings'.
The proceedings involve complex legal and regulatory matters, so it's hard to discern what will come of them. However, they create uncertainty and have the capacity in themselves to derail the business - for example, approval for the ANZ acquisition had been expected imminently. It now looks like that will be delayed at the very least.
ANZ has responded with its own announcement, with deputy CEO Alexis George stating: 'Given the significance of APRA's action, we will assess the various options available to us while we seek urgent information from both IOOF and APRA'.
We will aim to publish a fuller review within a week. However, in the meantime we are removing the price guide, increasing our risk ratings to High, reducing our maximum recommended portfolio weighting to 5% and downgrading to HOLD.
Note: The Intelligent Investor Model Growth Portfolio and Model Income Portfolio hold shares in IOOF.
Call 1300 880 160
Start a chat
Schedule a call
