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On Friday 7 December 2018, the Australian Prudential Regulation Authority (APRA) announced a number of actions against IOOF arguing that our company failed to act in the best interest of superannuation members relating to historical events highlighted at the recent Royal Commission.
This has become the subject of much media attention and we appreciate this may have caused you concern. We wish to assure you that your superannuation and investment with IOOF remains secure and is not at risk due to APRA’s actions. It is important to note the issues raised by APRA are historical and were resolved at the time and all affected members were fully compensated.
At IOOF, we strive to quickly identify and resolve any errors to ensure that no members are negatively impacted.
IOOF has a long and proud history of providing financial security to Australians, spanning over 170 years and I want to reinforce the strength and security of our business as evidenced by our consistently strong financial results.
Most importantly, we understand our obligation to our valued clients, advisers, corporate partners and the wider community to take action and continue to build a business that delivers meaningful outcomes in a sustainable and trusted manner.
As a transparent company, we are happy to answer any questions you may have and I encourage you to read the Q&A, contact our Client Services Team or your IOOF representative.
Renato Mota Acting Chief Executive Officer
IOOF Holdings Ltd