Ferromagnetic shape memory (FSM) alloys are scientifically and technologically interesting materials that combine ferromagnetism with a reversible martensitic phase transformation. Fe 70Pd 30 has recently been shown to display a FSM effect at usable temperatures and low fields. Reported here are results of experimental studies on Fe 70Pd 30 and electronic structure calculations on Fe 70Pd 30-xPt x. The calculations show that additions of Pt by 6 at% to Fe 70Pd 30 can triple the magnetocrystalline anisotropy. There is, however, a large discrepancy between the measured and calculated anisotropy values of Fe 70Pd 30, suggesting the presence of significant disorder in the measured samples. Other calculated structural and magnetic properties are in close agreement with experimental values.