Seems to me that shareholders have a case against APRA for...

Seems to me that shareholders have a case against APRA for dereliction of duty. If APRA knew of this years ago then why hasn't it acted."


It's not just shareholders that have the potential to be adversely affected by this.

If APRA had, at the time that these breaches first occurred, dis-endorsed the executives of the business, then presumably a great many people would have taken their business elsewhere, and capital providers and investors would have withheld their capital.

What about the unlucky folk acting in good faith by participating in the latest capital raising? I wonder how they feel about APRA one day waking up and saying, "Actually those things that you guys have been doing wrong all these years...things about which we didn't do very much? In fact, we've effectively given you the green light to you to carry on, but to stop doing them. Well, today we have decided to change our minds. We now magically deem you to be unqualified."

And what about people making career choices? If recent employees who joined IOOF entities in recent years had been made aware that the executives of the company are, in fact, up to no good behind the scenes to the extent that was cause for sacking them - but APRA know about this - how many of those employees would have sought to further their careers elsewhere?