Commenting on IMA Director of Public Policy, Jonathan Lipkin’s, statement that pension charges need to be made simple and transparent to ensure employees do not opt out of auto-enrolment, Gina Miller founder of the True and Fair Campaign said:
We welcome Jonathan Lipkin’s statement that pension charges should be made simple and transparent, something The True and Fair Campaign has been very vocal about for the past year, however the IMA’s belated Damascene conversion needs to be backed by action.
“While it is encouraging to see that the IMA, under new leadership, is recognising that fund fees and charges need to be revealed upfront to investors, nothing has changed as far as consumers are concerned and identifying the cost of pension and investment products remains an all but impossible task.
“Nothing short of 100 per cent transparency on all fees and costs, through one single number, in pounds and pence is acceptable.
“In the face of continuing industry inertia, we believe that statutory regulation is the only solution to protect consumers. If the IMA truly believes in transparency we believe they should back statutory regulation to force 100 per cent disclosure on all fund fees and costs as the only fair way to create a transparent, level-playing field for consumers and the financial services industry.
Posted By: True and Fair, 4:59 pm