David, what is this safety net of which you speak, that is only provided by your members? It's a nice emotive catch phrase you often trot out, but it's devoid of any real meaning.

Also, your long-running angle on this issue paints companies as quivering idiots beholden to their bank. I think you'll find most self-respecting HRDs, CFOs, etc. will be able to work out whether a given fund is good for their employees or not, and accept or reject any proposals to make use of a retail fund in a suitably considered, rational manner.

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