ANZ reviewing wealth sale to IOOF
ANZ has signalled it is reviewing the sale of its wealth businesses to IOOF following the regulatory action initiated against IOOF by the Australian Prudential Regulation Authority (APRA).
ANZ deputy chief executive, Alexis George said that given the significance of the APRA action, ANZ “will assess the various options available to us while we seek urgent information from both IOOF and APRA”.
ANZ agreed to sell its OnePath Pensions and Investments business to IOOF in October, last year.
George’s statement said the work to separate the Pensions and Investments business from ANZ’s Life Insurance business would continue.
“There is a framework available to complete the Zurich transaction that does not involve IOOF,” her statement said.
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
