In my view the current board and senior management must be...

In my view the current board and senior management must be replaced ASAP regardless of whether there is a prospect that they might beat the APRA charges. IFL needs to have a good relationship with the regulator and that will not happen with the current senior management. It seems the only chance of avoiding a massive outflow of FUM and to the ANZ transaction going forward is if the people in charge at IFL are changed to people who have squeaky clean reputations in the trust industry. 

The current board and senior management must see that regardless of how they personally feel about APRA action, it is in the shareholders interests for them to move on. It is inconceivable that the current leadership can remain in place fighting the APRA charges claiming they are misconceived and at the same time purport to be changing the culture and mistakes of the past. 

For the good of the company, they should act expeditiously to facilitate a leadership change.