The chair of an FCA working group has apologised to the FCA and the Investment Association for criticising asset managers in a high-profile interview.
In an interview with The Times, transparency campaigner Chris Sier, who is chairing the regulator’s disclosure working group, called the investment industry “arrogant and complacent” on fees and referenced the quality of the work the IA did for its members.
Sier is tasked with creating a new template for fund costs and charges following the package of remedies outlined in the FCA’s final report into the asset management industry.
In a letter sent to FCA chief executive Andrew Bailey and IA head Chris Cummings, Sier apologised for any ambiguity caused by his remarks in the article and defended his unbiased role at the regulator.
The letter says: “I wish to make clear that the views expressed were my own…. I am not biased against the investment management industry in my stance, and the many industry members of the [Institutional Disclosure Working Group] have been exemplary in their positive contribution. We have made considerable progress in the short time the IDWG has been operating, and expect to publish an update shortly.”
In the letter, Sier adds: “For the avoidance of doubt, I would like to assure you that, if I have caused any offence to the IA or its members, I would like to apologise. I do this with an easy conscience because I know that the IA’s participation in the process to date has been substantial and crucial, and will be going forward.”