Ann: IOOF response to APRA notice and action, page-129

There is a chance APRA will loose the battle in court and lets hops so. The unfortunate thing for shareholders is that this is going to take a long time to resolve itself.

That said, I think it is appalling that APRA and the royal commission have lost focus on the need to balance the interests of all stakeholders (ie consumers and shareholders). There is a very fine balance here. The way regulation is heading no one will invest in financial stocks and there will be a total lack of investment in this industry which is critical for ensuring Australia's economic performance. I also think that APRA is totally ignorant of commercial issues. Companies running super funds need to have representatives of the boards of the super funds otherwise you may end up with the super funds doing things which are not in the interests of firms whose business is to run super funds. I also hate to think what is going to happen when APRA forces companies like IOOF and the banks to hold extremely large amounts of capital which has the effect of lowering returns.