Trully shocking negative news for shareholders. I've owned no bank positions for 18months now (house price correction risk) and counselled several friends to remove AMP and IFL and Clearview from portfolios due to the RC. Financial businesses reliant on Financial Advisers and "Platforms" for revenue are going through warfare at the moment - don't hold.
Be careful buying the dip IMO. The media frenzy on APRA removing MD CFO and Chairman (unprecedented?) is going to be huge.
Wait to see fund outflows (it's all about trust in this business) - and the price goes lower.
whilst the price looks cheap, its PE is still close to many powerhouse Funds mgmt firms in the US that are not under this regulatory pressure.
it's not cheap yet with this bushfire raging.
I'm not a shorter I don't short. just warning this decline may not be over yet.
IFL Price at posting:
$4.60 Sentiment: Sell Disclosure: Not Held
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