I think the newest changes (passed or yet to be passed?) are...

I think the newest changes (passed or yet to be passed?) are essentially trying to unwind some of things that the previous government has introduced. I think there are pros & cons to either side of the coin but what the market - at least in this space - doesn't like is uncertainty.

Imagine moving your client's money onto HUB's platform today and only to be told it is no longer new-FOFA compliant tomorrow. You would think commonsense ought to prevail and even such changes are introduced there would normally be a sunset date to the previous changes.... unfortunately that's not always the case.

Oh, plus there would be some form of onboarding cost involved for various parties when you move money in & out.. so sometimes the best thing is to do nothing.

Having said that, the more funds under management / administration, the more clout and trust the firm will garner and the higher the risk client or potential clients will be willing to tolerate. So hope their growth speed plus size of the FUM will provide enough confidence to help maintain existing growth trajectory....