Fisher Funds - 'not a cut-price fund manager'

Fisher Funds' Bruce McLachlan.

“We are surprised because our track record of providing outstanding value to clients is unquestionable. We have performed a hell of a lot better than everyone at being a default provider and the evidence shows that.

“We were disappointed for our clients because we know that it is likely that they will get an inferior outcome.”

McLachlan has a word of warning to the new default providers.

“Let me tell you it is not easy to be a default provider. It is challenging to contact and support clients and you have to be able to do that at scale. You can’t do it for nothing.”