IOOF has scored a victory against the Australian Prudential Regulation Authority (APRA) in the Federal Court.
The company welcomed the court’s decision and said it was reviewing the judgement before issuing a more formal statement.
APRA had brought proceedings against IOOF’s APRA-regulated entities IOOF Investment Management and Questor Financial Services and five individuals including the managing director, Chris Kelaher and chairman, George Venardos.
The court held that IOOF and the five individuals had not contravened the Superannuation Industry (Supervision) Act and declined to make orders disqualifying Kelaher, Venardos and the other individuals.
