Ann: IOOF response to APRA notice and action, page-43

Wow, what a landmine. Political risk showing its face.

I too hope all these changes actually improve financial advice for the population but I'm certainly too cynical to expect that.

On the face of it, what happens now. If CK DC GV etc are banned from holding management roles in a super licence then they'll have to go presumably? Or could they stay on, working on the platform side of things? Does the ANZ transaction fall over? IFL has to use its cash to pay a fine...? What sort of fine could APRA succeed with? Any precedent?

By the sound of the chairman at the AGM, he clearly didn't see this coming, but certainly makes you wonder about other market participants when looking at the short interest.

Lot of questions and I've got no idea where to start with risk reward...


I'd still be surprised to see vertical integration go, but who knows.

Days like today highlight the importance of portfolio construction, as no matter how 'sure' one is, tail risks can occur.