IOOF said on Friday it would not contest APRA's allegations regarding its licence breach. In December, APRA said it had asked IOOF to set up a new Office of the Superannuation Trustee to ensure conflicts of interest and the rights and interests of members were properly considered by IOOF and its superannuation funds. Recently installed IOOF chairman Allan Griffiths said the wealth manager was working constructively with APRA. "We have been actively and positively addressing the governance issues raised by APRA in the interests of all stakeholders and made significant progress."