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Yes Wilddog, disclose it is the first step, then ensure that the intra fund advisers adhere to FASEA standards, same as the rest of us, and then we have a level playing field and YES, the best product for the client can be chosen. The problem is they won't be able to meet FASEA standards, where I have a conflict I must not act - that is why they require an exemption. The fact they require an exemption tells you plenty. And plenty of other ways to make advice affordable by systemic and regulatory change. Australia is the king of creating regulatory arbitrage.