"I lack your detailed knowledge and so am happy to be corrected...

"I lack your detailed knowledge and so am happy to be corrected but your statement implies a fair whack of the 97 per cent of 'lower income earners' may find investment bonds either very satisfactory, or 'not disastrous' in terms of their personal circumstances. But I defer to you."

Just on this, it's quite the contrary. The statement implies that the 97% of 'lower income earners' would find bonds very UN-satisfactory. Hence the concerns around the value proposition. It's not disastrous of course, but the whole point is a product that is differentiated, otherwise we wouldn't pay a premium price for the business.

Regarding the MOAT, what this company does have is the PDF status for shareholders, that's something very powerful in a model like this one which just off market returns alone, should be able to consistently grow FUA over time in mid-high single digits with expense growth likely well and truly lower paced. Just on that alone, the business is probably fairly priced even as it is assuming no aggressive re-rating up or down.

Then you get sales inflows for each product, which is the whole cruxt of my concern.