Ann: IOOF response to APRA notice and action, page-103

AMP and IOOF are not dissimilar cases, boards doing things that they thought they could do because they were "Above the law".

In relation to people thinking that IOOF earnings won't be that adversely affected, and it's currently a good buy, think again.

Just like AMP, most of the value for these business come from Goodwill, that is, people use their services because they are "Trusted". Once you lose that trust, it extremely hard to get it back, and if you do, it can take many many years.

This isn't like buying a buying Heinz or Coca cola in the middle of 2001. Those business's products were largely unaffacted, and the potetntial to sell products was not really disrupted. You can buy those companies at a deep discount due to broad negative market sentiment, not specifically related to their business. 

IOOF will be directly affected by this, it's a question of board integrity, and misusing Superannuation funds. There will be fines, long drawn out legal disputes, legal discovery which will no doubt uncover more issues, angry investors and superannuates who will want to move their money, and large corporate (like mine) who have employee Super with IOOF who will probably now switch.  

Sorry to be so negative, but there is honestly no silver lining here.