IOOF shares crash 33 percent after banking regulator pursues top executives including managing director Chris Kelaher

The banking regulator APRA has taken action against superannuation giant IOOF for allegedly failing to act in the best interests of customers. 

APRA is targetting managing director Chris Kelahar and four other senior executives. 

IOOF shares plunged 33 percent in late morning trade wiping $800 million of the company's market value.

ABC's Peter Ryan with the breaking news