Association of Investment Companies (AIC) comment

Commenting on the decision by the Association of Investment Companies (‘AIC’) calling on its members to consider publishing full portfolio details after RDR is implemented in January 2013, Gina Miller who spearheads the True and Fair Campaign ( said:


“We are delighted that the AIC has chosen to closely follow the full recommendations of the True and Fair Campaign published in January this year in having proper 100% disclosure of holdings, preferably monthly but at least quarterly with a maximum 3 month delay. In January 2012 the True and Fair Campaign recommended that the UK industry publish 100% of holdings at least quarterly. This was met with derision by some of the same fund management companies in the UK who have been allowing their US clients precisely this level of transparency for years.”


“It is an absolute scandal that until now neither the UK investment industry nor the UK regulator has even considered this for ALL funds when this has been the law in the US since 2004. Back then, the Securities and Exchange Commission (‘SEC’) adopted several amendments to its rules and forms intended ‘to improve significantly the periodic disclosure that mutual funds and other registered management investment companies provide to their shareholders about their costs, portfolio investments, and performance’. It’s time the UK regulator and the wider UK investment industry wholeheartedly support transparency not through empty rhetoric but through firm actions; as a matter of urgency.”


“There is simply no excuse for the rest of the fund management industry, and the IMA in particular, not to modernise and improve, just because their regulator has not insisted on the higher standards being required in the UK. If the old traditional industry of investment trusts can do it, why can’t they? The two tier system for UK investors must stop, whereby US fund management companies are forced to operate by far higher standards for their US customers than their UK customers.”


“Rather than continue to bury their heads in the sand, hoping the issues will go away, all trade bodies involved in the savings, investment and pensions industry should come together with the FSA/FCA to now put in firm, enforceable, and workable solutions for genuine transparency of fees and holdings that will improve consumer protection and the reputation of the industry. This should take place after proper consultation with all stakeholders, rather than closing ranks and continuing to defend the indefensible.”

Posted By: True and Fair, 7:56 pm

Comments are closed.