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

Email: gina@scmprivate.com

www.trueandfaircampaign.com

Twitter:  @TrueandFair2012 #TrueandFair

Posted By: True and Fair, 4:03 pm

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