Ann: IOOF response to APRA notice and action, page-106

And just to be clear so everyone understands why this is such a BIG deal.

What IOOF did, in it's most basic form is this.

They acted as the Trustee of a super fund which they also benefited from. They overpaid beneficiaries of that fund (Including themselves). You cant take more more money out then you are supposed to from super, as it's essentially a legal form of Tax Haven.

They were aware of the fact they did this, but nobody picked up on it until 2011. At that point what they should have done, was pay the money back. What they did instead, was KEEP the money, and just pay themselves less in the future.

If you did that as Mum and Dad Super fund operator or with an SMSF, the ATO would crucify you for it. This is one of the largest Super operators in the country, knowing full well they were breaking the law, but did it anyway.