There is clearly significant history between Kelaher and APRA. Going back to the Pursuit and Sweep breaches a decade ago in the concise statement, it is clear that Kelaher has felt that complying with APRA's demands was optional. APRA received a belting for being weak at the RC. Whilst IOOF's misdemeanors are financially small compared to other company's, Kelaher has a long, documented history of arrogant non-compliance and I'm sure APRA will be delighted to target him personally.
I agree that some of the MAP timelines are unrealistic and the goalposts have moved quickly, but this has been brewing for years.
News: IFL IOOF Holdings Appoints Acting Chairman And Acting Chief Executive Officer, page-5
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