The IOOF Holdings Limited (ASX: IFL) share price is down is down 5.4% to $5.21 today, despite the financial planning and wealth management business failing to release any specific news to the market.
The stock is still down around 31% since it admitted on December 7 2018 that the prudential regulator APRA was seeking to have its then CEO, CFO, company secretary and head of legal disqualified from working on APRA regulated businesses.
This shock admission has even thrown into doubt IOOF's bold bid to buy Australia & New Zealand Banking Group's (ASX: ANZ) OnePath financial business for more than $1 billion.
On January 15 2019 IOOF's acting management revealed that the acquisition agreement had been amended and that the trustees of the One Path Pensions and Investments (OPI) business and ANZ were still to sign off on the deal in the wake of APRA's demands.
The IOOF share price could be sinking today on concerns parts of the deal will be knocked back by the OPI custodians or in the wake of a nasty profit downgrade from rival financial services and funds management group Challenger Ltd (ASX: CGF).
