POWERED BY MOMENTUM MEDIA
APRA relooks at IOOF and CFS
The Australian Prudential Regulation Authority (APRA) has reopened its investigations into the IOOF and Colonial First State superannuation businesses in the wake of testimony given to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The regulator has used its written submission responding to the Royal Commission’s recent superannuation hearings to explain that while it had already dealt with matters relating to Colonial First State Investments Limited and IOOF Investment Management/Questor it is now looking at further issues.
APRA said that the issues raised during the Royal Commission had also been raised by the regulator.
“APRA achieved outcomes which, on the information known at the time, were considered to be in the long-term best interests of members,” the APRA submission said. “However, the Commission has brought additional information to light, some of which appears inconsistent with information previously provided to APRA. APRA is examining these issues further to consider whether additional action is necessary.”
The submission also said that the fact that APRA had not commenced litigation against the two companies did not mean further remediation would not be demanded.
“APRA actively considered taking proceedings in the IOOF case,” it said.
Recommended for you
The Super Members Council (SMC) has called for streamlined super reporting to cut costs, boost investment flows, and strengthen retirement outcomes.
AustralianSuper’s reliance on unlisted assets dragged on performance over the past year, as the rally in listed markets left funds more heavily weighted to equities outperforming their peers.
IFM Investors has urged for government-industry collaboration to accelerate projects, unlock capital, and deliver long-term returns for Australians.
With super funds turning increasingly to private credit to lift returns, experts have cautioned that the high-yield asset class carries hidden risks that are often misunderstood.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
