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APRA approves IOOF bid to purchase NAB superannuation licensee

Thursday 6 May 2021

The Australian Prudential Regulation Authority (APRA) has today approved an application by IOOF Holdings Ltd (IOOF) to hold a controlling stake in NULIS Nominees (Australia) Limited (NULIS), an RSE licensee, under section 29HD of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

On 31 August 2020, IOOF entered into an agreement with National Australia Bank Limited (NAB) to acquire the MLC wealth management business, including NULIS, subject to necessary regulatory approvals. Under the SIS Act, changes to the holder of a controlling stake in an RSE licensee require APRA approval.

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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.