This is an absolute disgrace for a regulator to behave like this. They have incurred costs of several million dollars just to test the water. So this will be included in the levy costs on industry, and APRA has willingly damaged IOOF in the market place, and potentially destroyed the careers of several top people in the industry.
APRA needs to be taken to task. They respond with arrogance to justify their failure in the court case. These individuals in APRA should be held personally accountable – like they tried to do with the IOOF senior staff.
The same can be said for ASIC in the Westpac and other cases.
These Regulators need to be taken to task by government. There needs to be an audit watchdog reviewing the performance of the regulators.
APRA never used to regulate like this and were most successful working with industry to resolve issues and build best practice. Now they are after scalps like ASIC. And who pays for all of this incompetence – the Australian public!
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