I don't know much about the next layer of managers at IFL, but in my view they need to recruit a new CEO who is of similar ilk to someone like Shane Elliot at ANZ, who can stamp a new culture of conservative compliance on the place. After all, they are in the business of acting as trustees which is hardly a game for pushing the envelope and splitting legal hairs when it comes to discharging ones duties.
Ann: IOOF response to APRA notice and action, page-134
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