Australia's financial regulator has taken action against superannuation giant IOOF in the Federal Court and is trying to disqualify its top executives from managing people's retirement savings.Its managing director Chris Kelaher, along with four senior executives, failed to act in the best interests of superannuation members, the Australian Prudential Regulation Authority (APRA) alleges.This led to IOOF's share price plunging 35.4 per cent to $4.62 at 2:25pm (AEDT), its lowest value in nine years.In dollar terms, around $900 million was wiped off the company's market value in just a few hours.It was another high-profile hit to the sector in the wake of the banking royal commission. Ensuring the safety, health and welfare of our people and our clients. IOOF shares were hammered in the wake of the news, with investors driving its share price down 36 per cent to a more-than-five-year low of $4.54. The six bi-monthly issues contain news on the International, Jurisdictional and Local Levels of Odd Fellowship in addition to providing you with program materials and inspirational articles. "I am personally committed to rebuilding trust with APRA, clients and advisers.Mr Mota said the group's contingency plan, should the deal not proceed, was a likely capital restructuring, which could include a buyback plan.He said IOOF had established a working group to focus on issues arising from the royal commission and was applying ASIC Report 515 audit standards and remediation protocols across all its licensees.The report sets out ASIC’s expectations around compliance in areas such as breach reporting, adviser file audits, supervision and monitoring through data analytics, background checks, remediation and culture in financial advice business.IOOF revealed it would spend an additional $20 million to $30 million in compliance and regulatory costs between now and fiscal 2020, to ensure it meets APRA's conditions.Mr Mota said it was too early to say what the new standards would cost going forward. "Given the significance of APRA's action, we will assess the various options available to us while we seek urgent information from both IOOF and APRA," said Alexis George, ANZ's deputy chief executive.This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced.Royal commission accuses IOOF of making members pay compensation for a fund errorANZ sells wealth management business to IOOF for $1bRoyal Commission: IOOF used member funds to pay own compensationCoronavirus trends indicate 'we have turned the corner', epidemiologist saysCoronavirus update: Study estimates more than one in ten Londoners has had COVID-19Coronavirus-hit Melbourne supermarket alarmed by silence from contact tracersWhat's the most likely reason for New Zealand's COVID-19 outbreak?Aged care nurse who caught COVID-19 says workers weren't properly trained in PPEClive Palmer claiming victory over WA after Supreme Court action, seeks more damagesFour children under 10 in hospital with coronavirus, as Victoria records 278 new casesWife buried in backyard for 45 years was hit with metal bar, husband admits to policeLuke Keary sustains serious injury in Roosters' NRL loss to StormNeighbours' row over 'two very Australian phenomena' ends up in NSW Supreme CourtFamily of woman left with irreversible brain injuries after paramedic treatment loses $3m High Court caseThere are 16 Melbourne postcodes with more than 100 COVID-19 cases, but there are signs of slowing growthSwans hand Giants 41-point hiding in Sydney AFL derby played in PerthPatrons of Western Sydney club urged to isolate, NSW confirms 12 new coronavirus casesQueensland punter stole $10m from engineering firm to gamble, police allegeCoronavirus trends indicate 'we have turned the corner', epidemiologist saysWhat's the most likely reason for New Zealand's COVID-19 outbreak?Coronavirus-hit Melbourne supermarket alarmed by silence from contact tracersClive Palmer claiming victory over WA after Supreme Court action, seeks more damagesCoronavirus update: Study estimates more than one in ten Londoners has had COVID-19Wife buried in backyard for 45 years was hit with metal bar, husband admits to policeCoronavirus trends indicate 'we have turned the corner', epidemiologist saysCoronavirus update: Study estimates more than one in ten Londoners has had COVID-19Coronavirus-hit Melbourne supermarket alarmed by silence from contact tracersWhat's the most likely reason for New Zealand's COVID-19 outbreak?Aged care nurse who caught COVID-19 says workers weren't properly trained in PPEClive Palmer claiming victory over WA after Supreme Court action, seeks more damagesFour children under 10 in hospital with coronavirus, as Victoria records 278 new casesWife buried in backyard for 45 years was hit with metal bar, husband admits to policeLuke Keary sustains serious injury in Roosters' NRL loss to StormCoronavirus trends indicate 'we have turned the corner', epidemiologist saysAged care nurse who caught COVID-19 says workers weren't properly trained in PPECoronavirus update: Study estimates more than one in ten Londoners has had COVID-19Swans hand Giants 41-point hiding in Sydney AFL derby played in PerthLuke Keary sustains serious injury in Roosters' NRL loss to StormNorthern Territory Electoral Commission concerned by low voter turnout in remote areas
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