Changes are happening - please bear with us while we update our site.

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

Is It Time To Buy IOOF Holdings Limited (ASX:IFL) Shares?

The IOOF Holdings Limited (ASX:IFL) share price is falling due to an APRA notice and action by the regulator.

The IOOF Holdings Limited (ASX: IFL) share price is down 26% due to an APRA notice and action by the regulator.

IOOF Holdings is a diversified financials business that offers a variety of services to clients including financial advice, platform management & administration, investment management and trustee services. IOOF has been operating since 1846 and is now one of the largest financial services industry businesses.

APRA Action

IOOF received a notice from the Australian Prudential Regulation Authority (APRA) last night saying that it intends to impose licence conditions on IOOF’s APRA regulated entities. It also alleges breaches of the Superannuation Industry (Supervision) Act 1993.

IOOF reassured shareholders by saying that the licence conditions largely cover initiatives that are already in progress, or have been completed, in consultation with APRA.

However, the APRA proceedings seek declarations and disqualification orders against Managing Director Chris Kelaher, Chairman George Venardos, CFO David Coulter, Company Secretary Paul Vine and General Counsel Gary Riordan. Essentially, most of the important officials.

IOOF said that the subject matters in the proceedings were disclosed to APRA a number of years ago and that IOOF has already addressed or is addressing them, and it’s constructively working with APRA.

It seems that the regulator is getting more hands-on after being criticised for its role in the issues from the Royal Commission.

IOOF said that it will continue to progress the agreed initiatives and will consider the allegations, but it thinks the allegations are misconceived and will vigorously defend the proceedings. For now, it won’t comment any further.

Is it time to buy IOOF?

Wise investors say that the best time to buy shares is when people are fearful or when blood is on the streets. The IOOF share price was down by a third since the start of 2018 before the start of trade, so it was better value thanks to the Royal Commission spotlight. Today’s fall makes it a drop of over 50%.

However, with this news only just breaking the share price could fall further, so it could be worth waiting to see what happens. Instead, you could look at the free report (below) about three true-and-tested ASX shares instead…

[ls_content_block id=”14945″ para=”paragraphs”]

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Skip to content