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Consumer Panel investigates fund management costs

The FCA’s Consumer Panel is carrying out an investigation into the transparency of fund management costs.

The panel plans to complete the review by the end of August and publish it in October.

It will examine investment costs and charges, looking at how transparent they are to consumers, with a primary focus on fund managers.

A Consumer Panel spokeswoman says the review will not include advice firms.

In May, the FCA called on fund groups, advisers and platforms to scrap annual management charges in favour of ongoing charge figures after finding fund groups are failing to display fees clearly and consistently.

The regulator reviewed the way 11 fund groups set out their marketing information for UK retail consumers and found inconsistent charging structures.

Last month the FCA also launched a competition review of the wholesale sector.

This will include a review of whether sufficient incentives exist for asset managers to negotiate the best deal for investors in relation to areas such as governance services, dealing commission and research.

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