From the AFR today "APRA probably would have been within its...

From the AFR today "APRA probably would have been within its rights to demand IOOF fixed its problems much faster than the new set of timetables allow. After all, several of the problems to be tackled – including formally splitting IOOF's registrable super entity and responsible entity structures – were identified by APRA as far back as September 2015."

(Here is trhe link: https://www.copyright link/business/banking-and-finance/ioof-action-shows-apra-operates-on-fine-line-between-enforcement-and-stability-20190101-h19li5 )

I suspect that IFL had some disregard for APRA's request and ignored it, hoping that it would go away. APRA then came in with the big stick. IFL operate under the auspices of APRA. APRA were doing their job. To get annoyed at the Govt and the royal commission, is I think "shooting the messenger". If IFL had taken seriously their obligations, they would have come out from the Royal commission as a model financial company, instead they trashed their reputation for not playing by the rules. 

None of us liked it when the Aust cricket team did not play by the rules. They were penalised and justly so. The same applies to IFL. they need to realise that they are not above the law.

The company has good brands and a good business. I think they will rebuild and the sp will climb again.

HT1