Ann: Technology Overhaul after Independent Endorsement, page-5

Interesting about the cash deposits. As we all know, CFS are currently the subject of a class action because all cash went into CBA cash accounts, rather than the best offer available.
The underlying reason for this was about 2 years ago (just after Dave Carroll became head of the Wrap platform), BT were cutting fees for the platform big time. To the point where CFS Wrap were not really profitable at that % of FUA - so, they made the conscious decision to keep some of those accounts at a loss, so the flow on products (like cash deposits) make money for the bank.

With the recent class action, they may reverse this call. It should mean all the majors (or those to be spun off) raise fees and lose clients paying lower fees, although I'm not betting on it. Alternatively, it means they invest less in their platform.

In either case, there's an opportunity for non-bank platforms.