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.”

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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.