Ann: Investor presentation - IOOF FY 2018 results, page-145

Good answer. I don't know how it will play out. I may be wrong in my prognosis. I've been wrong before (once before, if I remember correctly, ha ha ha ).

Jokes aside, I have no crystal ball. However I feel there is something unique about the financial advise business. It is a business that depends crucially on trust, and that trust is crucially dependent on real and percieved independence.

What's more, there is generally a lop-sided nature to the relationship. The receiver of the advise being generally much less resourced/savvy than the provider.

So I come back to getting the incentives of the provider right. My sense remains that without true separation of function, temptation will mean that the industry will always be on a slippery slope.

My sense is that we've been tinkering with the financial advise industry for a long time. My sense is slso that increased regulation has not delivered the goods. My sense is that the time for tinkering is over.

But then again, my sense is also that the RC won't give a damn about what I think... and you may well be right.

But I would be willing to bet good money, that if we dont separate the advice function, that 10 years from now any implemented reforms will look as effective as what FOFA has achieved to date (ie SFA).