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Mike, whilst I agree with you broader message: you’ve seemed to conveniently overlooked the fact that some of the cases at the RC where indeed involving advisers licensed with Count, M3 and others ie licensed through AFSL’s owned by CBA and ANZ. As you’d be aware these FP practices are self employed and run their own businesses. They are not employed by these banks. Some in fact offer accounting services. The main issue here if what constitutes ‘Ongoing Service’ and how advisers will be able to validate charging for this whilst managing the potential large client bases. Quite simply, advisers can’t (or able to) service all their clients. The days of ongoing royalty style adviser fees are surely numbered. If advisers managed smaller, but higher quality based relationships then we wouldn’t be here. The gravy train is over. The role of the AFSL here is under the microscope, and the intertwined product/adviser conflicts with APL’s is also warping advice.