Ann: ANZ Wealth Management updated financial information, page-82

But I got the impression down in Australia that the “vertical integration model” had not worked and so was to no benefit to the bank’s wealth arms.
And therefore they sold them to the likes of IFL who could generate scale and have dedicated Wealth resources/ human capital that could provide the governance, risk and compliance that the regulators, the politicians, the public, the customers and the “Royal Commissioner” so crave, desire and long for that has been missing in Australia for years that is quite commonplace in the States, England and even some parts of Asia and old Europe.

Not sure if I understand the point you’re trying to make. How is IFL strange to the vertical integration model you're talking about, are you suggesting that their financial planners have not been recommending in-house wealth management products? Yes, they can add scale, but what does that have to do per se with governance/compliance?