And herein lies the problem that you have been highlighting. You...

And herein lies the problem that you have been highlighting. You cannot use past data or valuations to look too far forward for AMP.

Just taking North. AMP will have to both cut price and spend more on development to make it competitive in a world where controlling the advisers will no longer allow restriction of product.

On top of this, there will be an impact on profitable legacy products. There will be pressure to move people from older higher priced more profitable products to newer lower priced ones, or to drop prices on the old product.

In the new world, advisers are happy to do this as there advice fees are separate. They want lower cost product. AMP will lose profit.

There is no reason that AMP cannot be a successful business in future. But to be successful it will be different. It’s numbers will be different.