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Couldn't agree more with Adviser's comments. In fact the respective representative bodies (AFA/FPA/AIOFP etc) should demand either public retractions from the ISA in respect to their biased and inaccurate commentary, or for ISA to provide factual information to back up their assertions. It is also very apparent that the ISA are attempting to divert attention away, or legitimise their own biased "vertically integrated" model on the back of some of the flawed assumptions and Hayne recommendations which have emanated from the RC. I also believe it is high time for ASIC to finally look into and scrutinise the Industry Funds advice model/processes, in the very same way they have the Retail fund sector., though I won't be holding my breath to be honest. Let us then see if the ISA/ISN assertions that "there is nothing to see here" is validated.