Monthly Archives: June 2012

29Jun 12

Comment on the IMA’s consultation on enhanced disclosure of fund charges and costs

Commenting on the IMA’s consultation on enhanced disclosure of fund charges and costs, Gina Miller, founding Partner at SCM Private, who spearheads the True and Fair Campaign stated:

“This is yet another fudge from the IMA. A voluntary agreement for investment managers to give ‘enhanced’ disclosure of fund fees and charges will not drive a consumer-friendly, coherent approach to reporting investment costs, or deliver total transparency on fees.

 “Legally binding standards for fund managers that ensure 100% disclosure of all fund management charges and fees across the industry, as we have argued for via the True & Fair campaign, are vital in order to restore consumer confidence. Anything less risks causing yet more confusion.

“In December 2009 the IMA admitted that it was hard to see dealing costs and members should be more open – 2.5 years later nothing changed. While it is welcome that the IMA have finally acknowledged that action is needed, the partial and voluntary code they propose still requires the hide and seek method of disclosure rather than giving one number which clearly sets out all dealing costs and charges. This is no meaningful change.

“The real point of interest is the vote on the MiFID II amendments next week, which could set the stage for legally binding guidelines on disclosure of all fund management charges and costs. This is when we will see real progress.”

Posted By: True and Fair, 8:26 am

25Jun 12

FT Adviser – ‘MEPs lobby for fund cost campaign’

“Total cost of investment” could become European law after Mifid II amendment tabled.Click here to read the full article.


Posted By: True and Fair, 11:17 am

19Jun 12

Press Release: True and Fair Campaign update – major breakthrough in Europe

The True and Fair Campaign ( ) launched by SCM Private in February 2012 calling for a new Code of Conduct that would give consumers 100% transparency on all costs and management fees and full disclosure on where funds are invested, has received resounding support in Europe.
Gina Miller, spearheading the Campaign, said, “We are absolutely delighted that MEPs have made amendments to the MIFID II directive . This is a clear indication from Europe that 3 they are seeking higher standards of investor protection such as those embodied in our True and Fair Code, but sadly this is not being echoed by UK fund managers, regulators and associations who are still dragging their feet.”


The key amendments to the MIFID II proposal are:

• A new “Total Provider Cost” whereby fund managers would reveal all the costs, including other previously ‘hidden/obscured’ items e.g. performance fees, dealing costs and the total costs of all underlying funds via one easy percentage number on a per annum basis.

• A new “Total Cost of Investment” whereby all distributors of funds would need to reveal all the costs as above but also any additional platform fees, entry/exit costs or any other costs calculated via one easy to understand percentage number on a per annum basis.

• All holdings within any fund to be revealed in full at least quarterly subject to a maximum delay of 60 days.


Gina Miller concludes, “For too long British consumers have been comprehensively misled by the UK investment management and savings industry. I hope that these initial steps taken by MEPs will become legislation and thereby force the pace of change within the industry.”.


Click here to read the full press release.

Posted By: True and Fair, 12:17 pm

18Jun 12

London Stock Exchange: ‘True and Fair Campaign Gains Support From European Union’

An article discussing SCM Private’s 3 year anniversary and the progress of the True and Fair Campaign. Read the article on the London Stock Exchange website.

Posted By: True and Fair, 9:03 am

12Jun 12

The Sunday Times – ‘Fund managers that let you down’

Private investors are being “betrayed” as fewer than a third of managed UK equity funds have beaten the market over the past three years, The Sunday Times can reveal.

Click here to read the full article (please note a subscription is required to read the article).

Posted By: True and Fair, 11:16 am