It’s a double edged sword. In one respect, IOOF is showing it’s...

It’s a double edged sword. In one respect, IOOF is showing it’s got the credibility and infrastructure to attract a large group from another licence, and maybe more of the same will continue as dealer groups leave amp etc, While at the same time it sets the bar high and may be harder to replicate.

Either way ifl have grown fuma by over 10% this year which is helping ifl gain scale and is why ifl is able to maintain our dividends. The p&I and adg from anz will help even more. Clearly if/when margins contract across the industry, having that scale will allow ifl to compete. So in the good times ifl will thrive, and hopefully in the bad times ifl will do better than the competition.