“Yes, more clients will raise the issue and yes, the regulator will examine it in more detail but it won’t be for a few years.”
However, Smith believed subscription based charging will not be the dominant model for another 20 years.
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“There's no huge motivation to change quickly by those who ultimately are the decision makers within their firms. Over time things change, but you've got incumbents who own the market right now, who will fight this tooth and nail all the way.
“So it will happen, but it'll take time,” he added.
alina.khan@ft.com
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