Ann: Update on the ANZ P&I business transaction, page-20

There seems to be a view that the CEO of IFL has been made a scapegoat for the industry. I can't see any merit in that view. 

I would have thought it doesn't take a high level of intellect to work out that a trustee can't use beneficiaries' money to compensate beneficiaries for the trustee's errors. The hopeless performance of the CEO before the RC was the product of his appalling lack of a basic understanding of the duties of a trustee and even worse, his shockingly cavalier attitude to those duties when they were pointed out to him.

It wasn't just a case of him having a bad day in front of the RC. To characterise it in that way is a bit like saying that a person who has been seriously discredited in a trial just had a bad day rather than acknowledging he is a person without credibility in respect of the subject matter he was called to answer questions about.