Hi Noomxx,
Further research shows that IOOF placed a submission in relation to the RC hearing of 17/O8/18.
It counters some inferences made by QC Hodge.
Google “ Financial Services Royal Commission “ in the search area type IOOF it will lead you to IOOF
written submission.
This also is a good read.
To me it all gets down to using the members reserve to pay for the over distribution. If maybe IOOF had of transferred the monies from the Company account back into the Members Reserve account after the grilling by the RC . Maybe they would have escaped the penalty. But by reading IOOF submission you will see why they held their ground but lost. For such a piddly amount and a subsequent write down in next years accounts they could have avoided a capsize.
Ann: IOOF response to APRA notice and action, page-145
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