APRA approved applications by IOOF Holdings Ltd and Australian Wealth Management Limited (a wholly owned subsidiary of IOOF Holdings Ltd) to hold a controlling stake in OnePath Custodians Pty Limited and Oasis Fund Management Limited. OnePath and Oasis are currently owned by Australia and New Zealand Banking Group Limited (ANZ). This decision recognizes the progress of IOOF in strengthening governance structures and management of conflicts within its existing registrable superannuation entity licensees.
These structural changes provide IOOF’s registrable superannuation entity licensees, now including OnePath and Oasis, with the necessary framework to operate independently within the IOOF group. The changes also enhance ability of the registrable superannuation entity licensees to comply with their fiduciary obligations. This decision recognizes the progress of IOOF in strengthening governance structures and management of conflicts, in response to additional license conditions imposed by APRA in December 2018. APRA notes that IOOF:
- Appointed a majority of independent directors to its registrable superannuation entity licensee boards
- Moved to legally separate its dual regulated entities (on track to be completed by December 31, 2019)
- Implemented a dedicated business function to support IOOF’s APRA-regulated entities.
In accordance with section 29HD of the Superannuation Industry (Supervision) Act 1993 (SIS Act), APRA concluded that it has no reason to believe that, because of IOOF’s controlling stake in OnePath or Oasis, the registrable superannuation entity licensees may be unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in the SIS Act. APRA was granted the power to approve or refuse an application to own or control a registrable superannuation entity licensee under section 29HD of the Superannuation Industry (Supervision) Act 1993 (SIS Act) in April this year.
Related Link: Press Release
Keywords: Asia Pacific, Australia, Banking, Insurance, Superannuation, ANZ, Oasis Fund Management, OnePath Custodians, IOOF Holdings, Operational Risk, APRA
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