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Fundsmith chief rejects more control of swap-based ETFs

Fundsmith founder Terry Smith does not believe there should be greater regulatory control over who can buy a swap-based ETF despite his vocal concerns about the risks surrounding the products.

Speaking at an event last week in London, Smith warned again of the misselling risk around swap-based ETFs and suggested clearer labelling was needed.

He said: “My straw pool of financial investment professionals suggested to me that a number of buyers of ETFs have been led to believe they are buying index funds. They are not.

“It is about information and disclosure. I would go for labelling swap-based ETFs but not regulating those who have access to them. I am not a big fan of protecting people from themselves if they want to do things. If people want to hold the wrong end of fireworks, then let them.”

Smith also raised concerns over investing in China. He said: “China is more likely to have a hard landing than a soft landing. The local authority banks in China have already been subject to a rescue programme twice the size of the US Troubled Asset Relief Program programme. China is still quite a poor country. They are not big buyers of consumer products.”


Leadsom calls for TSC to scrutinise Euro regulation

Treasury select committee member Andrea Leadsom says the committee should have a stronger role in scrutinising European financial regulation. Conservative MP Leadsom (pictured), who is also chair of the Euro- sceptic all-party parliamentary group for European reform, says the volume and impact of European legislation affecting UK financial services means it needs to be scrutinised […]

Out of context

“It’s far more difficult to run in the morning if you’ve had a skinful the night before.” Hargreaves Lansdown’s Tom McPhail gives an MM hack cutting-edge training advice. “And she’s my MP…” Aifa director Robert Sinclair when asked about Treasury select committee member Andre Leadsom’s criticism of his evidence to the committee in 2010. “They […]

RSM Tenon chairman and chief exec step down

RSM Tenon chairman Bob Morton and chief executive officer Andy Raynor have both stepped down from their roles at the firm. Raynor has also stepped down from the board of the firm while Morton will remain as non-executive director. Adrian Martin, who is deputy chairman and senior independent director at the firm, has been appointed […]

‘Axe non-disclosure if it’s in public interest’

Non-disclosure arrangements for regulatory investigations should be overturned if there is a strong public interest argument, says Sir David Walker. The Treasury select committee asked Walker and Bill Knight to conduct a review and prepare a summary of the FSA’s investigation into the fail-ure of the Royal Bank of Scotland after the regulator said it […]

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]


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