An article in the Financial Review quoted Law Professor Michael Adams:
“This is a technical win due to the incompetence of the regulator” ……... "Financial services entities and businesses would be very naive to interpret the decision otherwise. That would be very dangerous". “[IOOF’s] decision to use members’ funds instead of [its] own funds remains a conflict of interest with director’s duties,” he said. “The conduct on the face of it goes against the relevant superannuation legislation. That is supported by testimony at the royal commission.” “APRA will go away, it will consolidate and get external advice and likely will be back in the court,” he said. “I certainly think they should be looking at an appeal.”
Something to watch I think.
IFL Price at posting:
$6.71 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)