APRA has been accused of harbouring an âunhinged hatredâ for former IOOF managing director Chris Kelaher by his counsel, who was objecting to internal APRA documents he claims were disparaging of the wealth management company and its executives.
The prudential regulator has opened the first day of its case against IOOF directors and entities by claiming the wealth manager’s liability is âplain as a pike staffâ, as IOOF contends the regulatorâs case is âartificial and theoreticalâ and âoverly simplisticâ.
Former executives of wealth manager IOOF facing disqualification proceedings by the Australian Prudential Regulation Authority have criticised the prudential regulator for a late and extensive discovery request, saying it could “imperil” the July trial date.
A judge has raised questions about a redacted funding agreement in a class action against two IAG units over allegedly worthless add-on insurance products, saying the details were needed for a swift resolution of the case.
Former IOOF chairman George Venardos will be allowed to object to incriminating evidence and discovery in proceedings brought by APRA, after a court found there was a real and appreciable risk that ASIC could also bring a civil case against him.
APRA has been ordered to hand over all of its correspondence with fellow regulator ASIC relating to former IOOF chairman George Venardos, as he prepares to argue privilege over discovery that might incriminate him in any possible ASIC proceedings.