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Terry Smith, CEO, Fundsmith

Fundsmith welcomes FSA’s proposed platform payment ban


Terry Smith (pictured), Chief Executive of Fundsmith, on the FSA’s platform consultation paper…

I welcome this announcement formally proposing a ban on funds providing payments to platforms. We are aware that many consumers have been frustrated at not being able to invest with Fundsmith because certain platforms haven’t been prepared to offer our fund as they could not accommodate our low charges.

Transparency is fundamental to a successful fund management model. There has to be a clear-cut charging structure for receiving advice, for the fund manager and for the platform.

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