April 26, 2019 / 1:46 AM / 3 months ago

Australia's IOOF says units breached licence conditions, have until June to comply

April 26 (Reuters) - Australian wealth manager IOOF Holdings Ltd on Friday said three subsidiaries have received notices from the pension fund regulator saying they are not in full compliance of their licence conditions.

IOOF in a statement said an independent review of compliance had identified 76 issues to be addressed by the end of March, and that as of April 1 four issues were still in progress.

The Australian Prudential Regulatory Authority (APRA) is considering giving the subsidiaries until the end of June at the latest to reach full compliance, IOOF said.

“We have been actively and positively addressing the governance issues raised by APRA in the interests of all stakeholders and made significant progress. We will continue working constructively to complete the remaining initiatives,” IOOF Chairman Allan Griffiths said in the statement. (Reporting by Shriya Ramakrishnan in BENGALURU; Editing by Christopher Cushing)

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