Yes JAG. The hit I am more worried about is the hit on adviser...

Yes JAG. The hit I am more worried about is the hit on adviser service fee refunds.
Its worth reading the WBC announcement on 30.05.19 around how Westpac have calculated their "fee for no advice" provisions.

Basically the provision is 31% of the gross "adviser service fees" over the last 10 years. Again without knowing how comparable the businesses are from what I am told Magnitude and IOOF (Shadforths) are comparable quality.

Therefore if you applied the WBC calculation to IFL:

iFL advice fees in 2018 were $380.3m in ONE year. So for 10 years that would have to be somewhere in the vicinity of 7x $380.3m = $2.6B. You could go back and add it up from all the annual reports if you want to be more accurate. But $2.6B x 31% = $806m (or WBC was lower for their salaried channel so maybe $2.6B x 28% = $728m one off charge).

Now thats just a one off charge rather than an ongoing hit but that is the "hit" I would be most worried about from a shareholder perspective.