December 6, 2018 / 10:05 PM / 11 days ago

Australian prudential regulator seeks to disqualify directors, executives at IOOF

SYDNEY, Dec 7 (Reuters) - Australia’s prudential regulator on Friday said it had begun proceedings to disqualify five senior employees of wealth manager IOOF Holdings Ltd for failing to act in their members’ interests.

The Australian Prudential Regulation Authority said in a statement that the proceedings, if successful, would prohibit the five people from being pension fund trustees and that it was also seeking to impose additional conditions on the firm.

An IOOF spokeswoman did not immediately respond to a request for comment. (Reporting by Tom Westbrook; Editing by Alison Williams)

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