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I have the same sort of problem but can't find the answer anywhere in the forums.
When I insert a smile or link onto the site I get the html tag not the smile or link.
However smiles to work in private messaging.
Anyone any idea's i've tried everthing I can think of short of deleting the whole site and starting again! Bit drastic but I don't know what else to do.
They were working and the ones that were working are still working, but if you go into edit them then preview with changing anything there is the link now smile.
Please help, tearing my hair out