News: IFL 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

Source text http://bit.ly/30evzgO

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