Ann: Response to ASX Appendix 4C Query, page-49

I suspect that banks providing financial services to the public, made most money out of controlling funds held in investment products under their own management and on top of that being able to charge their customers for investing their funds into the same investment products. It was great while it lasted.

Then the Banking Royal Commission came along and put a stop to the gravy train. Now investment products products would have to be selected on merit and the commissions based system would cease. many customers would have to be indemnified for past mistakes and bad advice.

I think the banks had, had enough of the industry. The profits were no longer in it , The responsibilities were great and they did not want to be financial planners for the sake of it selling other peoples products.

I suspect this is the major reason why CBA chose not to continue with the CL8 pilot. They may not even have told IAM why they dropped the product.