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Apra’s bid to ban IOOF bosses from superannuation industry thrown out

Regulator had accused executives of failing to act in best interests of members

A federal court judge has thrown out a bid by the prudential regulator to ban from the superannuation industry the former chief executive of IOOF Chris Kelaher and other executives of the embattled financial group.

In a move that will alarm regulators, Jayne Jagot also said she did not accept that reserves set aside by super funds to deal with operational risks were “member’s money”.

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from World news | The Guardian https://ift.tt/2V3Zd3n
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