APRA had claimed the wealth manager's directors,executives and entities failed to act in the best interest of super members.
Special dividend of 7 cents a share declared along with final dividend
IOOF's hopes of sealing a $1 billion deal to buy ANZ's pensions business have been further damaged
The ASX took a breather on Friday after hitting records earlier in the week.
Ability to organically grow funds under management surprises market
Chris Kelaher's lawyer has slammed the regulator's case against his client as based on"legal fallacies,"attacking the action as"regulatory overreach of the most egregious kind."
The financial regulator has kicked off its case against wealth group IOOF’s former chief executive Chris Kelaher and ex-chairman George Venardos.
Superannuation funds such as AMP and IOOF,whose reputations suffered in the Hayne royal commission,are expected to stage a comeback. But it will take time.
The troubled advice company will bank more than $80 million profit from the sale of its majority stake.
Troubled wealth manager IOOF has confirmed Renato Mota in the role of permanent chief executive as it moves ahead with plans to"reset"the business
IOOF's platform earnings could drop 25 over the next five years,while AMP's platform business could face an EBITDA drop of 36 per cent over the same period.