Ann: IOOF to acquire Bendigo Financial Planning Book, page-8

Yes thats it Klogg.
So the change is that the trustee:

1. Will likely need evidence that the customer agrees (a signature) vs currently there is a disclosure document that doesn't need client consent;
2. The document will also have to confirm that the nature of the services is limited to the sole purpose test (restrictive scope and only relates to part of the advice).
3. Another risk is how the trustees determine what is a reasonable fee to deduct out of super;

I guess what I am saying is 41% of IFLs revenue is about to be tested with additional regulatory layers that are preventative, interrogative and remedial as outlined in the letter. I don't know to what extent the revenue line will hold up under such additional oversight but you would have to think it will have some impact given what was unearthed at the royal commission and what other financial institutions have already disclosed.