"Innocent until proven guilty" disappeared the day that social media came to town. It's been replaced by the irrefutable law of "whatever it takes to get the deal through".
There's an issue arising from the RC of a perceived conflict of interest where dual roles exist within the "Responsible Entity" and the "Registrable Superannuation Entity" for some IOOF companies. IOOF recognises this issue and is in the process of remedying it in consultation with APRA (I think I read that somewhere).
IOOF's approach to compensating superannuants for a number of administrative errors going back in time is up for consideration. Apparently these issues and the way they were remedied falls under the "Best Interests" clauses of the SIS (Superannuation Industry Supervision) act, a section I suspect a lawyer could drive a truck through without hitting anything. So this section of the act is quite "grey" and has never been tested before apparently and it's here that the IOOF lawyers are hanging their hat. I think IOOF believes they were "Best Interesting" everybody.
The ANZ trustee has a responsibility to be satisfied that he doesn't hand over his superannuants accounts to the wrong people. My guess is that, rather than earn his money and make a call, he's delayed the transfer decision. His ruling will need to complement the fallout regarding the two issues above.
The next few months will involve muscle flexing, lawyers making money and grovelling. If you take a quick look at Chris Kellaher's resume and check his hobbies and interests I'm pretty sure grovelling won't be one of them. So he's having a rest.
It's just like ball tampering for financiers. Everybody gets rested for 6 months until the tumult and the shouting dies and you then get to come back with a warning:
"We don't mind ball tampering but don't get caught as it's embarrassing for everybody".
IFL Price at posting:
$5.56 Sentiment: Hold Disclosure: Held
(20min delay)
