The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ben Bathurst - Royal Bank of Canada - Analyst
: Good morning, everyone. I've got questions in three areas if I may, on costs. I wondered if that 9% admin expense growth for '25 that you guided
for today. Could you give us some color on how much of that is expected to be driven by headcount growth, or whether or not there are any other
factors you would call out as material drivers there? I wondered are higher rental possibly a factor.
Second area is on the competitive environment, and we've obviously been able to accumulate market share in 2024. I wondered is there any
anecdotal evidence that forms (inaudible) any form of (inaudible) damage and perhaps starting to see share with respect to net flows.
And then thirdly, so on the VAT treatment of [IAD], I recall back at the time in 2022, stated you were planning on contesting the HMRC ruling. I
know that all the impacts of that change are provided for in your numbers and guidance, but I just wondered if it was still your intention to challenge
that ruling, if there was any update on what the timelines might look like for that? Thank you.
Question: Ben Bathurst - Royal Bank of Canada - Analyst
: Great. Yes, it does. Thank you very much.
Question: Greg Simpson - BNP Paribas Exane - Analyst
: Yeah. Hi guys. Thanks for the presentation, three on my end. Firstly, just on gross outflows which have been running at a higher level, recently 10%
of opening FUD this year versus more like 6% to 7% in prior years. What would be your kind of outlook here? What are you kind of hearing about
those gross outflows from clients? And also, do you think inheritance pensions coming under inheritance tax pushes up the redemptions of
pensions?
And then the second question would be if there is no cut to the headline platform fee this year, is it kind of a rule of thumb to think about the
natural attrition to the yield because of the tiering effect. So if markets go up by 5%, how much would be the commission, the platform yields fall
by?
And then thirdly, can I just ask how much of Transact's platform assets are in kind of passive products? Now, if you have that number, would be
kind of interested to see where IFA are on that shift. Thank you.
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DECEMBER 18, 2024 / 9:30AM, IHPI.L - Full Year 2024 IntegraFin Holdings plc Earnings Presentation
Question: Greg Simpson - BNP Paribas Exane - Analyst
: Really helpful. Thank you.
Question: Andrew Watson - Singer Capital Markets - Analyst
: Good morning, gents. Thanks for that, couple from me. The first, could you just give me a sense of the overlap between the chargeable CURO users
and Transact registered advisors? I mean, are they independent users of CURO there? And is there any intention to eventually embed the CURO
functionality into Transact as an integrated proposition?
And then the second one just on the technology piece, keeps quite evident that there's some more material projects going on in digitalization and
API development. Could you just give me a sense of how long that that road map lasts, and obviously alongside the business' usual improvement
cycle that you have ongoing? Thanks.
Question: Andrew Watson - Singer Capital Markets - Analyst
: Okay. Understood. Thank you very much.
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