Coming late to the party to comment here, but I'm not at all surprised they are not able to meet the APRA deadline despite their best intentions.
From my understanding of the environment, it is extremely difficult to attract quality, experienced risk and compliance people to the wealth management space right now. Big dollars are being offered, but most are steering clear of these businesses in such a challenging regulatory environment.
Couple that with the fact that IFL has no permanent CEO, (or senior management team to be honest), the new person needs to build a team and process from scratch in a company that needs to change its opinion on the need for an independent trustee acting in the best interests of the customer and you can see why most would be running for the hills.
An office with interim management would only be damaging for the IOOF and APRA relationship, as it may signal a continuance of their lack of belief in the important role this team will have to play in future governance.
IFL Price at posting:
$6.52 Sentiment: Hold Disclosure: Held
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