Interprac and Sequoia are absolutely on the hook for this. The...

Interprac and Sequoia are absolutely on the hook for this. The AFSL is responsible for the conduct of advisers under their licence. ASIC will take action against the licensee if it has systemic issues of non-compliance by any authorised representative. There is cause for concern here and as a shareholder it worries me that this has surfaced. In terms of revenue Interprac’s licensee fees are a revenue split so as firm revenue increases so does Sequoia’s revenue. I can’t imagine that it explains the uplift described above but Sequoia is a beneficiary of what sounds like exorbitant fees being extracted from clients.