"What interested me was the closing FUMA it started this quarter @$103,439 m and ended @$104,128m but the average for this quarter was only $102,658m."
No, I think you are making a mistake.
FUMA started the half-year (not the quarter) @$103.439bn and ended the half-year at $104.128bn. @31 March FUMA was $101.510bn.
But those movements mirror directly the movements in the market over the past 6 months.
So I don't think its a case of losing some at higher margin and then having to compete to win some at lower margin.
I think the margin pressure is simply an industry-wide phenomenon.
And, importantly, I think it plays directly into IFL's hand.
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