Why do fund houses not allow retail investors to buy their funds directly?

Purchasing funds requires a good understanding of the investments being made, portfolio objectives and ensuring an adequate fit with an investor’s financial profile, with an unbiased view of fund managers. It therefore needs financial advisors on-the-ground that will seek to understand the financial profile of each retail customer and provide the adequate advice and models that would fit that of each individual.

Fund houses are typically not equipped to do this, whereas banks, independent financial firms and other professional financial intermediaries are. Fund houses are traditionally focused on building product and investment solutions that revolve around their specialized areas of investment expertise.

Be happy that they don't.

fee- and pergormance-wise

mutual funds are a thing of the past.

do not trust media noise, banjs, insurance officers and high degree financial advisors.

passive indexing ETFs almost always will serve your interests in a more efficient way.