Monthly Archives: July 2012

31Jul 12

Financial Express – ‘Miller: Fund charges system is “legalised fraud”’

“Many believe that recent reforms have done little to make investors of the true cost of owning a fund. Fund providers are misleading investors about how much money they charge for running their funds…”

Read the full article on the Financial Express website.

Posted By: True and Fair, 10:54 am

30Jul 12

Digital Journal – ‘Gina Miller on cleaning up the financial services industry’

“The financial services industry has a bad name and a lack of transparency. Insider Gina Miller is trying to do something about that…”

Read the full article on the Digital Journal website.

Posted By: True and Fair, 2:14 pm

27Jul 12

FT Adviser – ‘SCM praises enhanced transparency in new EU ETFs rules’

Read the full article on the FT Adviser website.

Posted By: True and Fair, 4:08 pm

25Jul 12

TheWealthNet – ‘The Investment Management Association: A conspiracy against the public interest’

Gina Miller of the True and Fair Campaign comments that: “Every time an individual or organisation dares to question the lack of honesty and transparency of the investment industry with regards to fees, two words are muttered by the IMA “irresponsible scaremongering.”


“Until the IMA learns to stop starring in a “Carry on Fudging” farce, then it deserves to be treated with the same contempt as the British Bankers Association following the LIBOR scandal. Both have shown the pitfalls of UK regulators allowing self-interested, unscrupulous trade bodies to set the rules. British savers and investors deserve better, nothing less than full transparency on all costs and fees is acceptable.”


The True and Fair Campaign outlines the following 10 questions that investors and journalists should be asking the IMA at it’s investment fund’s charges forum:


  • Why does the IMA believe a voluntary code can ever work when its own members have ignored its chief executive’s recommendations on disclosure of costs for nearly three years?
  • What is stopping IMA members being highly selective when choosing funds to disclose costs for?
  • When does the IMA think its members might start following its latest proposals?
  • Why does the IMA still recommend its members show only half the dealing costs, according to SCM and Morningstar analysis?
  • Why should anyone trust the IMA re costs when it has demonstrated since 2009 that it does not understand fund costs?
  • Why does the IMA repeatedly uses flawed or biased research to try to prove dealing costs do not exist?
  • Does the IMA realise its new voluntary code when applied to the £121 billion invested in IMA bond funds will be totally misleading to investors within these funds?
  • Why does the IMA support the ‘hide and seek’ method of disclosure?
  • Has the IMA ever researched the direct correlation between level of fund turnover and performance?
  • Is the IMA’s damascene conversion to transparency simply trying to dissuade European MEP’s from voting in September 2012 for a European wide adoption of the True and Fair code and principles?

Read the full article on The Wealth Net website. (N.B. a free subscription is required).

Posted By: True and Fair, 10:05 am

24Jul 12

Evening Standard – ‘City Comment: Kay’s right: City must get back to roots’

Read the full article on the Evening Standard website.

Posted By: True and Fair, 3:07 pm

24Jul 12

FT Adviser – ‘Fund manager trade body accused of ‘stifling’ fee debate’

“True and Fair Campaign ramps up attack on the IMA, accusing it of failing to meet its own published standards…”

Read the full article on the FT Adviser website.

Posted By: True and Fair, 11:34 am

24Jul 12

Financial Times – ‘Disclosure is ‘worse tat useless if it is not comprehensive”

Any disclosure of fund charges is “worse than useless if it is not comprehensive”, according to John Kay who repeatedly emphasises the need for the UK’s financial services industry to change its behaviour in his long-awaited report into the UK equity market, published today.

Read the full article on the FT website.

Posted By: True and Fair, 11:27 am

23Jul 12

True and Fair Campaign Statement on John Kay’s Report

Commenting on the Kay Review’s recommendation that the City end its short-termist approach to money management and gives greater transparency on fees and costs, Gina Miller, Founder of the True and Fair Campaign, states:

“We warmly welcome the conclusions of the Kay report which recognises the damage that short-termist and opaque investment management is having on consumer interests. We have been calling, via the True and Fair Campaign, for total transparency on all investment management costs and fees and for consumers to be given full disclosure on all costs, via one simple number, that enables them to accurately compare performance between investment funds and pensions. Despite growing support for transparency on costs and fees, the IMA continues to claim that fund fees and costs are available to consumers.

“The Report’s claim that many investment managers become ‘closet trackers’ opting to hug index performance to avoid sustained periods of under-performance absolutely mirrors our experiences of the investment management industry and consumers will rightly question what the management fees they pay actually cover. Nothing less than full disclosure and transparency on costs is acceptable. We are extremely pleased that a number of esteemed individuals and organisations are now all talking with one voice to effect change the industry to ensure consumers are the first consideration in all investment and savings organisations.

For further information please contact:

Gina Miller, Founding Partner

SCM Private LLP

Tel: +44 (0)207 838 8650


Twitter:  @TrueandFair2012 #TrueandFair

Posted By: True and Fair, 4:03 pm

23Jul 12

FT Adviser – ‘Kay review rightly focuses on poor value ‘closet trackers”

Investment Management Association denies claims in review that asset management industry is short-termist.

Read the full article on the FT Adviser website.

Posted By: True and Fair, 3:34 pm

23Jul 12

FT Adviser – ‘Fee disclosure should be regulated’

Disclosure of fees should be enforced by regulation if the IMA’s review does not bring about sufficient results, report says.

Read the full article on the FT Adviser website.

Posted By: True and Fair, 3:32 pm