Mistake Ioof: Ioof and Lack Insight

mistake ioof: At one point, Kelaher defended IOOF's decision to compensate investors in a cash management trust, using their own money, for a mistake IOOF had made, according to The Guardian. In its closing submissions, the royal commission argued that IOOF had put its own interests above the interests of its super members, and that Kelaher appeared to lack insight into why the conduct of IOOF was problematic and the fundamental obligations of a trustee and the directors of a trustee . The Australian Prudential Regulation Authority Apra said it had tried to resolve its concerns with IOOF over years, stretching back to 2015, but stronger action was now necessary. The startling move on Friday which prompted the firm's shares to crash 36% comes after the IOOF managing director, Chris Kelaher, gave shocking evidence to the banking royal commission in August about its treatment of super members. It's not even scratched the surface' bank victims demand royal commission 2.0Read more It has started disqualification proceedings in the federal court against five individuals IOOF's managing director Chris Kelaher, chairperson George Venardos, chief financial officer David Coulter, general manager legal, risk and compliance Paul Vine and general counsel Gary Riordan. The Apra deputy chair, Helen Rowell, said Apra's efforts to resolve its concerns with IOOF have been frustrated by a disappointing level of acceptance and responsiveness to the issues raised by Apra, which is not the behaviour we expect from an Apra-regulated entity. If successful, the disqualification proceedings will prohibit the men from being or acting as a responsible person of a trustee of a superannuation entity. (news.financializer.com). As reported in the news.