The Investment Association has taken down the press release that likened funds’ hidden charges to the ‘Loch Ness Monster’ of the investment sector after mounting pressure from transparency campaigners.
This month, following the implementation of Mifid II, research exposed some fund managers’ costs increase at least two times beyond the ongoing charges figure.
Industry experts have criticised what the IA previously said about fund fees, referring to a 2016 report that claimed there was “zero evidence” funds’ returns are affected by hidden fees.
At that time, the report was accompanied by a press release that branded hidden fund fees “the Loch Ness Monster of investments.”
Now, the IA has removed the release, after several requests by transparency campaigners to IA chief executive Chris Cummings.
The release has been replaced by a shorter summary of the report on the IA website.
An IA spokeswoman says: “The press release that accompanied the report ‘Investment costs and performance, August 2016’ has been removed as it does not reflect the content of the report or the views of the organisation under its current leadership.”
The IA says it is working with transparency campaigner Chris Sier as part of his role as chair of the FCA working group to design a new template on cost disclosure.