As to APRA's level of concern about the missed deadline, this was the key paragraph IMO:
APRA has further informed the AREs [IOOF Entities] that it is considering issuing directions to comply, with a completion date for the implementation and maintenance of the OST of no later than the end of June 2019.
APRA has provided IOOF with an opportunity to respond to APRA’s preliminary view. The ARE Boards have resolved not to dispute the notice. IOOF will respond to APRA and continue to take positive and constructive steps to implement and maintain the OST within the operations of the Group and is confident of meeting the required deadlines.
Unless it somehow misrepresents APRA's substance or tone, I'm confident that this is not a big issue.
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Ann: IOOF update on APRA licence conditions, page-5
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