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Fund firms attack &#39blind support by the Govt&#39

Fund managers have slammed the Treasury&#39s backing of the Sandler report, saying the Government&#39s view is a nonsense which will do nothing to close the savings gap.

At the seminar, Treasury financial secretary Ruth Kelly endorsed Sandler&#39s stakeholder suite and said the Government agreed it was essential that a price cap is imposed.

But Fidelity says a cap will be counter-productive for consumers, who it believes are considered weak-minded by the Government.

New Star says no rational argument for a cap has been made and that the Government is simply backing Sandler to create some kind of synergy with stakeholder pensions.

The Investment Management Association says price controls invariably defeat their own objective and that mutual funds as regulated, simple, transparent and flexible products already fulfil the criteria required for the stakeholder suite.

Fidelity managing director Richard Wastcoat says: “The Government seems to be blindly supporting Sandler and we are not convinced the review will mean a step-change for consumers.”

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