Ann: IOOF response to APRA notice and action, page-98

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07/12/18

15:53

Post #: 36786975
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Originally posted by LuckyBloke: ↑

This excerpt from the RC transcript in which the Deputy Chair at APRA is under cross examination is very revealing with the benefit of hindsight...
(I apologise the formatting is a bit clunky when I've copied it)

And if, after you’ve engaged and engaged, there is not an adequate response from the RSE licensee, what is the next step for APRA?---Assuming we were contemplating taking more formal action, we would likely issue a show cause notice as to why we
15 shouldn’t take that particular action and set out in that show cause notice what our concerns were, and what we thought the appropriate action to be taken was in response to those concerns.
20
And a show cause notice, is that a formal document under the Act?---It is.
And what happens if you get a response back which says, “we think this person is fit and proper” or “we’re just not going to change”?---Ultimately if we’re talking about a fit and proper, then we would need to apply to the court. So the show cause notice in a fit and proper where we felt that someone was not fit and proper and should be
25 removed would be to have that person disqualified, I think, would be the ultimate action and then we would need to apply to the court to have that action pursued.

It beggars belief that IOOF's response to APRA, the RC and now the Show Cause Notice remains "IOOF believes that these allegations are misconceived, and it and its executives intend to vigorously defend the proceedings."

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Is it a done deal that the IFL Board will agree to pay the legal costs of those executives?

IFL Price at posting: $4.64 Sentiment: Hold Disclosure: Held
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