Cash-flow VolatilityOperating and free cash flow have swung materially across years, reflecting working-capital and timing sensitivity. Such volatility hampers reliable capital allocation, increases the risk that dividend/buyback targets will be harder to sustain in downturns, and weakens confidence in cash conversion.
Historic Review And Complaint OverhangAn unresolved historic service review and elevated open complaints create ongoing operational, financial and regulatory uncertainty. Residual provisions or regulatory penalties could emerge, distracting management, constraining capital, and weighing on adviser/client trust until fully closed in 2026.
Competitive Threats To Adviser ModelDirect-to-consumer and AI-led propositions pose a structural risk to a face-to-face Partner adviser distribution model by lowering customer acquisition costs and changing preferences, especially among younger clients. This could pressure long-term net inflows and require sustained investment to defend advisor economics.