View more on these topics

FCA mulls asset management charges template as new panel formed

Spotlight on charges 700x450.jpg

The FCA has appointed transparency campaigner Dr Chris Sier to chair a working group trying to create a template for disclosure of asset management costs and charges.

Sier, who is currently managing director of consultancy Stonefish and Professor of Practice at Newcastle University Business School, has been a vocal critic of practices in the industry in the past.

Responding to Money Marketing research last year showing that some fund managers are still not using the industry-agreed ongoing charges figure in fund factsheets, Sier called the situation “preposterous”.

As part of his research outfit FiNexus, Sier has also estimated that asset managers in the UK earn between £40bn and £120bn in extra costs retail and pensions investors “pay without knowing”.

Sier’s working group will primarily look at institutional investors as the FCA aims for “more consistent and standardised disclosure of costs and charges”.

The regulator has charged Sier with agreeing a template for disclosure of costs and charges by the end of the year.

Chris Sier: UK can learn from Netherlands on cost disclosure

The group is also aiming to come to a consensus on the promotion of the template, how they will make sure information in it is accurate and how the template could be subject to change going forward.

The FCA said in an update to its website today: “Dr Sier will assemble the working group shortly, which will include a range of industry and investor representatives, and will seek views from other stakeholders as part of their work. We expect the first meeting to be held in September.”

“The group will later consider disclosure for non-mainstream asset managers, and we expect that the working group membership may change at this point to reflect the different focus.”



Neil Liversidge: FCA needs to level the disclosure playing field

There are two cafes here in Sagar Street, Castleford, where we have our office, The Blue Cup and Maureen’s. Both have been going since the 1960s and both allowed smoking until the introduction of the smoking ban. Before the ban I asked both owners why they allowed it when most customers, me especially, didn’t enjoy […]


Workplace pensions ‘fail to meet disclosure rules’

Analysis of workplace pension schemes has found many default funds are failing to disclose their investment objectives to savers. The Financial Times reports analysis by consultancy firm Cardano which reviewed 29 default funds and whether they were meeting rules on investor disclosure. Cardano found 38 per cent of providers did not make clear what their […]

Succession acquires four more firms in £20m deal

Succession has acquired four more members, adding more than £520m in funds under management. The consolidator’s £20.6m deal will see it take over Prosperitas Independent Financial Advisers, Sigma Asset Management, Norris and Fisher Independent Financial Services and Tim Burton. The purchases take the number of firms acquired by Succession to 40. Succession corporate director Paul Morrish […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment